S&P Global Ratings assigned its 'AA-' long-term rating to Newark Unified School District, Calif.'s series 2016C (election of 2011) general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the district's GO bonds outstanding. The outlook is stable. Revenue from unlimited ad valorem taxes levied on taxable property within the district secures the GO bonds. The Alameda County board of supervisors has the power and obligation to levy these taxes at the district's request for the bonds' repayment. The county is required to deposit such taxes, when collected, into the bonds' debt service fund. Bond proceeds will be used to finance the renovation, construction and improvement of school facilities.
