Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to Johnson County Unified School District No. 231 (Gardner-Edgerton), Kan.'s series 2011-A general obligation (GO) refunding bonds and series 2011-1 capital outlay temporary notes. In addition, Standard&Poor's affirmed its 'AA-' rating and underlying rating (SPUR) on the district's parity GO debt. The outlook on all ratings is stable. The 'AA-' ratings reflect our view of the district's: Large, diverse tax base that participates in the Kansas City MSA economy; Strong wealth and income levels; and Strong financial position and good reserve levels, despite reductions in state funding. Partially offsetting the preceding credit strengths is our view of the district's high debt burden and additional enrollment-driven capital needs. An
