Standard&Poor's Ratings Services assigned its 'A+' rating to Stanislaus Union School District, Calif.'s 2014 general obligation (GO) refunding bonds. At the same time, Standard&Poor's affirmed its 'A+' underlying rating (SPUR) on the district's GO debt outstanding. The outlook is stable. The ratings reflect our view of the district's: Very diverse tax base and very strong wealth; Very strong general fund reserves, combined with the increase in state funding per the state's Local Control Funding Formula (LCFF); and Moderate debt burden. Partly offsetting the above strengths, in our view, are the district's: Decline in assessed values (AVs) in recent years, Reliance on state funding for most of its operations, and Slow, although accelerating, amortization of principal for
