...Palm Beach County School District's 'AA' Issuer Default Rating (IDR) reflects its very low long- term liability metrics, assessed as 'Strongest' relative to the Fitch-rated local government portfolio. This is balanced against the district's 'bbb' financial resilience assessment, driven by a 'Limited' level of budgetary flexibility. This limited flexibility is due primarily to the district's inability to independently raise revenues, which is common to Florida school districts, and Fitch's expectations for maintenance of unrestricted (sum of committed, assigned and unassigned) general fund reserves in the range of at least 5% to 10% of spending, consistent with historical performance. The district also benefits from 'Strong' population size and growth trends, and a diverse local economy, while its unemployment rate, educational attainment and median household income (MHI) levels are assessed as 'Midrange' relative to Fitch's rated local government portfolio. The 'AA-' rating on the certificates...
