Bangkok--3 Feb--Standard & Poor's
Standard & Poor's Ratings Services raised its underlying rating (SPUR) to 'AA' from 'AA-' on Evergreen Elementary School District, Calif.'s outstanding general obligation (GO) debt. Standard & Poor's also assigned its 'AA' long-term rating to the district's series 2009B current interest GO bonds and 2009B capital appreciation GO bonds. The outlook is stable.
"The raised rating reflects our view of a sustained improvement in available reserves and the November 2008 passage of a five-year parcel tax that we think will moderate revenue pressures associated with a deteriorated state funding environment," said Standard & Poor's credit analyst Chris Morgan. "In our opinion, the rating is further supported by the district's participation in the San Francisco Bay Area regional economy, and what we consider good access to Silicon Valley job centers and favorable wealth and income indicators."
Bond proceeds will fund new classrooms and upgrades to facilities, including technology and energy efficiency improvements.
The district's service area encompasses 98,152 residents in southeast Santa Clara County, including sections of San Jose. Primarily a bedroom community for Silicon Valley and the San Francisco Bay Area as a whole, the district shows very strong wealth and income indicators, in our opinion.
Complete ratings information is available to RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating.
Media Contact:
Edward Sweeney, New York (1) 212-438-6634, [email protected]
Analyst Contacts:
Chris Morgan, San Francisco (1) 415-371-5032
Ian Carroll, San Francisco (1) 415-371-5060
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]