S&P Global Ratings assigned its 'A+' long-term rating to Ceres Unified School District, Calif.'s anticipated $13.2 million series 2021 refunding general obligation (GO) bonds. The outlook is stable. Revenue from unlimited ad valorem taxes levied on taxable property within the district secures the GO bonds. The Stanislaus County Board of Supervisors has the power and obligation to levy these taxes at the district's request for the GO bonds' repayment. The proceeds from the 2021 bonds will refund portions of the district's series 2010 and 2013 GO refunding bonds. The rating reflects our view of the district's favorable revenue treatment under the state funding formula, which has resulted in positive financial results and a trend of very strong available reserves. The
