Standard&Poor's Ratings Services assigned its 'A' rating and stable outlook to Laurel Highlands School District, Pa.'s series 2012 general obligation (GO) bonds and affirmed its 'A' rating, with a stable outlook, on the district's existing GO debt. The rating reflects our opinion of the district's: Access to, and participation in, the Pittsburgh metropolitan statistical area; Strong finances over the past five fiscal years with reserves that increased to a strong 11.2% of operating expenditures at fiscal year-end 2011; and Moderate-to-low debt with limited additional capital needs. We believe the district's reliance on state aid and projected general fund drawdowns somewhat offset these strengths. The district's full-faith-and-credit pledge secures the bonds. The Pennsylvania State Aid Intercept program continues to
