...S&P Global Ratings raised its long-term rating to 'A-' from '###' on Denair Unified School District, Calif.'s existing general obligation (GO) bonds. At the same time, S&P Global Ratings assigned its 'A-' long-term rating to the district's series 2018 (election of 2007) GO bonds and series 2018 GO refunding bonds. The outlook is positive. The upgrade reflects our view of continued improvement in the district's financial performance and healthy reserves as evidenced by the fiscal 2017 audit and 2018 year-end projected results. The positive outlook reflects our view that the district's finances have stabilized, and that going forward reserves will remain in line with projections and at levels we consider at least good. We believe that there is at least a one-in-three chance that we will raise the rating in the next year if the district continues to produce balanced results and healthy reserves, and is able to codify these expectations through a formalized fund balance policy....
