Denair Unified School District, CA GO Bond Rating Raised To 'A-' From 'BBB' On Improved Finances

SAN FRANCISCO (S&P Global Ratings) June 21, 2018--S&P Global Ratings raised its long-term rating to 'A-' from 'BBB' on Denair Unified School District, Calif.'s existing general obligation (GO) bonds. At the same time, S&P Global Ratings assigned its 'A-' long-term rating to the district's series 2018 (election of 2007) GO bonds and series 2018 GO refunding bonds. The outlook is positive. "The raised rating reflects our view of the district's improved financial performance and healthy reserves as evidenced by the fiscal 2017 audit and 2018 year-end projected results," said S&P Global Ratings credit analyst Cody Nelson. "The positive outlook reflects our view that the district's finances have stabilized, and that going forward reserves will remain in line with projections and

...SAN FRANCISCO (S&P Global Ratings) June 21, 2018--S&P Global Ratings raised its long-term rating to 'A-' from '###' on Denair Unified School District, Calif.'s existing general obligation (GO) bonds. At the same time, S&P Global Ratings assigned its 'A-' long-term rating to the district's series 2018 (election of 2007) GO bonds and series 2018 GO refunding bonds. The outlook is positive. "The raised rating reflects our view of the district's improved financial performance and healthy reserves as evidenced by the fiscal 2017 audit and 2018 year-end projected results," said S&P Global Ratings credit analyst Cody Nelson. "The positive outlook reflects our view that the district's finances have stabilized, and that going forward reserves will remain in line with projections and at levels we consider at least good," Ms. Nelson added. The positive outlook reflects our view that the district will adopt a formalized reserve policy and will produce operating results in line with projections. As...

Ratings Action