SAN FRANCISCO (Standard&Poor's) July 10, 2008--Standard&Poor's Ratings Services raised its underlying rating (SPUR) to 'A-' from 'BBB' on Palo Verde Community College District, Calif.'s School Facilities Improvement District (SFID) No. 2004-1 series 2005 general obligation bonds. The outlook is stable. "The raised rating reflects the district's improved financial position, weakened previously by an accounting error that led to negative unrestricted fund balances in fiscals 2002 and 2003," said Standard&Poor's credit analyst Rob Williams. Tempering factors include the limited, shallow economic base for the SFID No. 2004-1, from which taxes are generated to secure debt, and low income and wealth indicators. In fiscal 2007, the district as a whole reported an essentially balanced result, ending
