DALLAS (Standard&Poor's) May 1, 2009--Standard&Poor's Ratings Services raised its underlying rating (SPUR) on Johnson County Unified School District No. 231, Kan.'s general obligation (GO) debt three notches to 'AA-' from 'A-' based on the district's very strong financial performance and continued economic expansion. The outlook is stable. The rating service also assigned its 'AA-' long-term rating, and stable outlook, to the district's $3.96 million series 2009A GO refunding bonds. The ratings reflect the district's expanding local economy, which participates in the broad and diverse Kansas City metropolitan statistical area; healthy assessed valuation growth; above-average income levels; and adequate financial position, given the state educational funding system. Offsetting factors include the district's moderately high debt burden and
