S&P Global Ratings raised its long-term rating on Newark Unified School District (USD), Calif.'s general obligation (GO) bonds outstanding to 'AA' from 'AA-' and removed the rating from under criteria observation (UCO). The outlook is stable. We base the upgrade on the application of our methodology for rating U.S. governments, published Sept. 9, 2024. 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 'AA' rating reflects our view of the district's strong underlying tax base, with favorable income metrics and very strong accumulated reserve position. Although we expect
