Bangkok--7 May--Standard & Poor's
Standard & Poor's Ratings Services raised various debt ratings on 10 school districts in California. We also affirmed debt ratings on three school districts in California and one in Arizona. For complete information, see "Surveillance Results In Rating Actions For 14 Western School Districts," published today on RatingsDirect on the Global Credit Portal.
The rating actions were part of our practice of regularly surveilling existing ratings, and they reflect criteria we published in 2008 on the role of size, location, and quantitative factors in our opinions on general obligation (GO) and appropriation debt.
"Good reserves factored into many of the upgrades, and many districts will likely continue to be subject to revenue pressure from state budgetary shortfalls that have sometimes translated into funding reductions or delays," said Standard & Poor's credit analyst Lisa Schroeer.
RELATED CRITERIA AND 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; Appropriations; General Obligation; General Obligation Equivalent Security; Note; School State Program, Jan. 15, 2010
Arizona; Appropriations; General Obligation, Dec. 23, 2009
The report is available to RatingsDirect on the Global Credit Portal subscribers at www.globalcreditportal.com and RatingsDirect subscribers at www.ratingsdirect.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-7280 or sending an e-mail to
[email protected]. Ratings information can also be found on Standard & Poor's public Web site by using the Ratings search box located in the left column at www.standardandpoors.com. Members of the media may request a copy of this report by contacting the media representative provided.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095,
[email protected]
Analyst Contacts:
Lisa Schroeer, Charlottesville (1) 434-220-0892
Michael P Taylor, New York (1) 212-438-1458
Chris Morgan, San Francisco (1) 415-371-5032
Matthew Reining, San Francisco (1) 415-371-5044
Gabriel Petek, CFA, San Francisco (1) 415-371-5042