Bangkok--16 Apr--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'A+' school issuer credit rating (ICR), with a stable outlook, and its 'AA' long-term rating, with a stable outlook, to Clackamas County School District No. 46 (Oregon Trail), Ore.'s series 2009 general obligation (GO) bonds.
The 'AA' enhanced rating reflects the district's eligibility for, and expected participation in, the Oregon School Bond Guarantee Program and is equal to the state's GO rating. The 'A+' ICR reflects the pledge of the district's full faith, credit, and resources, including an obligation to levy ad valorem property taxes without limitation as to rate or amount.
The ICR rating also reflects our view of the district's stable and diverse economy that participates in the Portland economic region; stable enrollment levels, with a low student-to-teacher ratio, which provides financial flexibility; and good financial management.
The foregoing strengths are offset by the district's structural imbalance in fiscal 2009 caused by the funding shortfall from the state.
"We expect the district will be able to maintain healthy reserves in light of a difficult state-funding climate," said Standard & Poor's credit analyst Li H. Yang.
The district is located in Clackamas County and serves a population of approximately 29,000, which includes the communities of Sandy, Welches, and Boring. The district operates one high school, three middle schools, and six elementary schools, with a total enrollment of 4,098 students in fiscal 2008.
RELATED RESEARCH
-- USPF Criteria: "GO Debt," Oct. 12, 2006
-- USPF Criteria: "State Credit Enhancement Programs," Nov. 13, 2008
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:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Li H Yang, San Francisco 1-415-371-5024
Chris Morgan, San Francisco (1) 415-371-5032