Bangkok--18 Jan--Standard & Poor's
Standard & Poor's Ratings Services said today that it has raised various debt ratings on 20 school districts in California and one in Colorado and also affirmed various debt ratings on six California districts. In all cases, the outlook is stable.
"The upgrades were part of our practice of regularly surveilling existing ratings, and reflect criteria published in 2008 on the role of size, location, and quantitative factors in our opinions on general obligation and appropriation debt," said Standard & Poor's credit analyst Chris Morgan.
The maintenance of at least strong reserves was a factor in most of the upgrades, although many districts are subject to revenue pressure from intensifying state budgetary stress that has translated into funding reductions or delays in some cases.
The California school districts that saw upgrades are Briggs Elementary, Cutler-Orosi Joint Unified, Earlimart Elementary, Fall River Joint Unified, Farmersville Unified, Goleta Union, Hamilton Union High, Hollister Elementary, Laguna Beach Unified, Livermore Valley Joint Unified, Monterey Peninsula Unified, Mountain View-Whisman, Perris Union High, Rincon Valley Union Elementary, Sundale Union, Temple City Unified, Visalia Unified, Washington Colony Elementary, Westside Elementary (Fresno County), and Yosemite Unified. The Colorado school district is Pueblo County No. 70.
For more information, see "Strong Financials Support California And Colorado School District Upgrades, But State Aid Cuts Likely," published today on RatingsDirect.
RELATED RESEARCH
USPF Criteria: GO Debt, Oct. 12, 2006
USPF Criteria: Key General Obligation Ratio Credit Ranges — Analysis Vs. Reality, April 2, 2008
USPF Criteria: Does Bigger Always Mean Better? Sizing Up The Impact Of Size On Municipal Ratings, April 22, 2008
USPF Criteria: Location, Location, Location: What Does It Mean For My Community's Rating?, April 22, 2008
USPF Criteria: Appropriation-Backed Obligations, June 13, 2007
California Statewide Communities Development Authority, Nov. 3, 2009
Colorado; Appropriations, Nov. 20, 2009
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095,
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Analyst Contacts:
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Gabriel Petek, CFA, San Francisco (1) 415-371-5042
Matthew Reining, San Francisco (1) 415-371-5044
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