Bangkok--13 Feb--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'SP-1+' short-term rating to Central School District, Calif.'s general obligation (GO) bond anticipation notes (BANs) series 2009. In addition, Standard & Poor's assigned its 'AA-' issuer credit rating (ICR) to the district. The outlook on the ICR is stable.
"The ratings reflect our opinion that the district has demonstrated strong historical financial performance, which is supported by its good financial policies, and low overall debt levels," said Standard & Poor's credit analyst Le T. Quach. "The rating is further supported by our view of the district's largely built-out taxpayer base within Rancho Cucamonga as well as its access to the broad and diverse Los Angeles and Orange County economies."
Management has indicated that note proceeds will be used to finance facility improvements and upgrades. The district plans to issue GO bonds next year to retire the current BANs.
The district, with a population of approximately 46,000, encompasses six square miles in western San Bernardino County and provides K-8 educational services for the City of Rancho Cucamonga (AA-/Stable).
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:
Le T Quach, San Francisco (1) 415- 371-5013
Lisa Schroeer, San Francisco (1) 415-371-5006