S&P Credit Research



Title:

Garvey School District, CA's GO Bond SPUR Raised To 'A+'

Price:$100.00
Publication Date:Apr 28, 2008
Report Type:News
Abstract:SAN FRANCISCO (Standard&Poor's) April 28, 2008--Standard&Poor's Ratings Services raised its underlying rating (SPUR) to 'A+' from 'A' on Garvey School District, Calif.'s outstanding general obligation (GO) debt and assigned its 'A+' rating to the district's series 2008 GO bonds. The raised rating reflects the district's improved financial position -- including a general fund balance that has doubled in the past couple of years -- and its willingness to address and manage declining average daily attendance (ADA), which is the primary driver of the state equalization funding formula. The outlook is stable. "The district's ADA has declined by about 13% over the past five years due primarily to a lack of affordable housing," said Standard&Poor's
Issuer:Garvey Sch Dist
Sector:Public Finance
Country:United States
Region:United States
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S&P Credit Research

S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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