Standard&Poor's Ratings Services assigned its 'A+' long-term rating to Marshalltown Community School District, Iowa's series 2011 school infrastructure sales, services, and use tax revenue bonds. The outlook is stable. The rating reflects our assessment of the district's: Pledge of sales tax receipts, transitioning to a statutory statewide average; Very strong maximum annual debt service (MADS) coverage of 3.48x based on the assumption of stable enrollment and projected sales tax collections; Adequate legal provisions, including a 1.2x additional bonds test; and Increasing enrollment, with future growth projected. These strengths are offset in part by our view of the potential for fluctuation in statewide sales tax collections. Officials are planning to use bond proceeds to finance school infrastructure projects. The
