...The 'A+' IDR reflects the district's 'a' financial resilience assessment. Fitch expects the district to maintain reserves of 10% to 17.5% of spending over time. Current reserves are significantly higher, but Fitch expects the district to use a portion in future years to offset the effect of declining enrollment on state funding. In addition, the rating reflects the district's weak demographic and economic profile and its moderate long-term liability burden, both relative to Fitch's rated portfolio....