Bangkok--17 Nov--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'A+' long-term rating to Thurston and Pierce Counties School District No. 2 (Yelm Community Schools), Wash.'s limited tax general obligation (GO) bonds series 2009A and limited tax GO qualified school construction bonds series 2009B. The outlook is stable. Standard & Poor's credit ratings do not address the tax credit component of this issue.
"The rating reflects our view of the district's historical increasing trend in enrollment and maintenance of good reserve levels during the past five fiscal years," said Standard & Poor's credit analyst Li Yang. "Furthermore, we understand the district has adequate classroom capacity following a 2003 bond issuance and that it does not expect to issue additional debt in the near-term."
The district indicates bond proceeds will be used to purchase and renovate land and buildings for a transportation facility.
The district covers approximately 190 square miles in both Thurston County (87% of the district) and Pierce County (13%) and serves a population of roughly 28,500 residents. Characterized as a bedroom community, a majority of the district's residents commute to nearby cities for employment including the cities of Tacoma and Olympia.
RELATED RESEARCH
USPF Criteria: "GO Debt," Oct. 12, 2006
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Li H Yang, San Francisco 1-415-371-5024
Chris Morgan, San Francisco (1) 415-371-5032
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