Standard & Poor's Ratings Services assigned its 'A' rating to East Pennsboro Area School District, Pa.'s GO bonds, series 2004. In addition, Standard & Poor's affirmed its 'A' underlying rating (SPUR) on the district's outstanding debt. The 'A' rating reflects the school district's eligibility for, and participation in, the Pennsylvania State Aid Intercept Program. The credit characteristics of the program are supported by the strength and availability of state aid to the intercept program participants. Standard & Poor's Ratings Services rates four different types of state programs, in more than 20 states, that provide enhancement for school bond issues. These program types include state guarantee, permanent fund, annual appropriation, and state intercept or withholding programs. Each state program is analyzed
