...The `AAA' Issuer Default Rating (IDR) reflects strong revenue growth prospects, strong expenditure control, a low long-term liability burden and exceptionally strong gap-closing capacity, supported by sound general fund reserves and a solid ability to raise revenues. The district benefits from a positive state funding environment, a very flexible labor environment and manageable benefits liabilities. The `AAA' rating on the bonds is based on the state's full faith and credit guarantee provided as credit enhancement to the district's GO bonds under the Utah School Bond Default Avoidance Program, which is rated `AAA'/Stable by Fitch Ratings. Fitch has also assigned an underlying rating of `AAA' to the bonds, reflecting the district's credit quality....
