S&P Global Ratings affirmed its 'BBB' long-term rating on Denair Unified School District, Calif.'s general obligation (GO) bonds. The outlook on all bonds is stable. The bonds are secured by revenue from the district's unlimited ad valorem property tax pledge, which obligates the district to annually levy taxes on taxable property within the district without limitation as to rate or amount such that legally available funds are sufficient to make principal and interest payments. The Stanislaus County Board of Supervisors has the power and obligation to levy these taxes at the district's request for the bonds' repayment. The 'BBB' GO ratings reflect our opinion of the district's: Planned rapid spend-down of reserves that we expect to continue through our two-year
