Standard&Poor's Ratings Services revised its outlook to stable from negative and affirmed its 'BBB' underlying rating (SPUR) on Denair Unified School District, Calif.'s existing general obligation (GO) debt, reflecting our view of the district's improved financial performance and cash position in fiscal 2015 and projections of positive operations in the near term. The rating reflects our view of the district's: Continued declines in average daily attendance (ADA); Good, although small in nominal terms, general fund balance; and Primarily agricultural economy situated in Stanislaus County, coupled with good to strong economic indicators. Unlimited ad valorem property taxes levied on taxable property in the district secure the GO bonds. The Stanislaus County Board of Supervisors has the power and obligation
