...The `AAA' Issuer Default Rating (IDR) and underlying rating on the outstanding GO bonds reflect Granite School District's (the district) solid financial operations, flexible labor environment and low debt burden. The district benefits from midrange inherent budget flexibility and exceptionally strong gap-closing capacity. The GO bonds are supported by a growing tax base and, during periods of taxable assessed valuation (AV) decline, are protected by automatic tax levy adjustments....