Bangkok--28 Aug--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'A+' rating to Ravalli County School District No. 3 (Hamilton), Mont.'s general obligation (GO) refunding bonds, series 2009. The outlook is stable.
"The rating reflects the city's role as a regional economic center and adequate income measures," said Standard & Poor's credit analyst Bryan Moore. "Moreover, the district has consistently reported strong financial performance and good reserve levels."
The district is issuing the full amount of an $8.15 million bond authorization. The district currently qualifies for approximately $198,362 state reimbursement on the bonds, which will be paid in fiscal 2009. Additional reimbursements are subject to continued qualification and state appropriation. These bonds will be used for the purpose of paying and refunding the district's outstanding GO debt. We understand that the district has no plans to issue additional debt in the near term.
The district encompasses the City of Hamilton, the seat and economic center of Ravalli County. Hamilton is located about 50 miles south of the City of Missoula (population 68,202), the state's second-largest municipality. Hamilton's population is 4,817, according to the 2008 census estimate. Fiscal 2009 enrollment totals 1,607.
RELATED RESEARCH
USPF Criteria: "GO Debt," Oct. 12, 2006
USPF Criteria: "Location, Location, Location: What Does It Mean For My Community's Rating?," April 22, 2008
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Media Contact: Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Bryan A Moore, San Francisco (1) 415-371-5077
Sussan Corson, New York (1) 212-438-2014