Bangkok--16 Jun--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AAA' long-term rating and its 'A+' school district issuer credit rating (ICR) to Lyon County School District, Nev.'s series 2009A taxable direct-pay Build America Bonds and series 2009B tax-exempt general obligation (limited-tax) school improvement bonds. The outlook is stable.
"The 'AAA' long-term rating reflects our opinion of the strength and backing of Nevada's School District Bond Guarantee Program," said Standard & Poor's credit analyst Shannon Groff. "The 'A+' ICR reflects our view of the district's very strong state revenue support, with state-guaranteed revenues representing roughly 85% of the district's operating revenues, and maintenance of currently good reserve levels."
Bond proceeds will be used to finance construction of a new middle school in Fernley.
The district operates schools in five communities: Fernley, Yerington, Silver Springs, Dayton, and Smith Valley. Fiscal 2009 enrollment totals 8,933.
RELATED RESEARCH
USPF Criteria: "GO Debt," Oct. 12, 2006
USPF Criteria: "Financial Management Assessment," June 27, 2006
USPF Criteria: "State Credit Enhancement Programs," Nov. 13, 2008
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Shannon Groff, San Francisco (1) 415-371-5005
Paul Dyson, San Francisco (1) 415-371-5079
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]