Bangkok--24 Feb--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA' rating and 'AA-' school district issuer credit rating (ICR) to Marion County School District No. 24J (Salem-Keizer), Ore.'s $242 million general obligation (GO) bonds, series 2009. In addition, Standard & Poor's affirmed its 'AA-' underlying rating (SPUR) on the district's outstanding GO bonds, as well as its 'AA' rating on outstanding district GO bonds, which reflects the Oregon School Bond Guaranty Program. The outlook on all ratings is stable.
"The 'AA' rating on the series 2009 bonds reflects our assessment of the district's eligibility and participation in the Oregon School Bond Guaranty Program," said Standard & Poor's credit analyst Paul Dyson. "The 'AA-' school district ICR is based on the stability of the district's local economic base, due in large part to its location within the state capital of Salem and the resulting presence of a large number of government employees, as well as its diverse tax base, which has shown consistent growth over the past five years."
Bond proceeds will fund various critical capital projects throughout the district, including renovations, safety upgrades, construction of additional schools, and the purchase of land.
The district (population 241,476) is the state's second-largest school district and serves an area encompassing 172 square miles mostly within Salem, the state capital, as well as a surrounding developing area.
The Oregon School Bond Guaranty Program is administered by the Oregon State Treasury, which has established administrative rules prescribing application procedures and qualification guidelines. Upon determination of the district's eligibility, the state treasurer issues a certificate of qualification valid for one year from the date of issuance, which may be applied to any or all GO bonds, including GO refunding bonds, issued by the district during that period.
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Media Contacts:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Paul Dyson, San Francisco (1) 415-371-5079
Misty Newland, San Francisco (1) 415-371-5073