Standard&Poor's Ratings Services assigned its 'A+' long-term rating to Siskiyou Joint Community College District, Calif.'s 2014 general obligation (GO) refunding bonds. We also affirmed the 'A+' long-term rating and underlying rating (SPUR) on the GO bonds outstanding. The outlook is stable. The ratings reflect our opinion of the district's: Inherent operational flexibility provided by the ability to reduce class sections and curriculum if required, Good level of unreserved fund balance, Good financial management practices, and Low overall debt burden. In our view, the preceding credit strengths are partly offset by: Negative operating results in the past three audited fiscal years and An unstable trend in state-funded full-time-equivalent students (FTES) during recent years. Unlimited ad valorem taxes levied on
