Standard&Poor's Ratings Services raised its underlying rating (SPUR) to 'A-' from 'BBB' on Palo Verde Community College District, Calif.'s School Facilities Improvement District (SFID) No. 2004-1 series 2005 general obligation bonds. The rating reflects: An improved financial position, weakened previously by an accounting error that led to negative unrestricted fund balances in fiscals 2002 and 2003; Flexibility to manage enrollments, programs, and labor costs; and No additional debt plans secured by taxes from SFID No. 2004-1, offset by a high debt burden on a market value basis. Tempering factors include the limited, shallow economic base for the SFID No. 2004-1, from which taxes are generated to secure debt, and low income and wealth indicators. The bonds are secured
