S&P Global Ratings revised its outlook to positive from stable and affirmed its 'A-' long-term rating and underlying rating (SPUR) on Denair Unified School District, Calif.'s general obligation (GO) bonds outstanding. At the same time, we assigned our 'A-' long-term rating, with a positive outlook, to the district's series 2024 (also election of 2024) GO bonds, with a par amount of approximately $12.8 million. The outlook revision reflects our view of the district's fiscal 2024 unaudited figures showing a substantial increase in reserves after a four-year trough of less than 8% of revenue and our view that a stable state funding environment and a slow rise in the district's student population, which generates revenue under the state formula, create the
