Summary: Clear Lake Community School District, Iowa; Sales Tax
- ID: 1714793
- April 2011
- Region: Iowa
- Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Standard & Poor's Ratings Services assigned its 'A' long-term rating to Clear Lake Community School District, Iowa's series 2011 school infrastructure sales, services, and use tax revenue bonds. The outlook is stable. The rating reflects our assessment of the district's: Pledge of sales tax receipts, transitioning to a statutory statewide average distribution of sales taxes; Adequate maximum annual debt service (MADS) coverage of 1.43x based on the assumption of stable enrollment and projected sales tax collections; and Adequate legal provisions, including a 1.2x additional bonds test. These strengths are offset in part by our view of the potential for fluctuation in statewide sales tax collections and the district's declining enrollment trend. Officials are planning to use bond proceeds to refund...
Companies mentioned in this report are: Clear Lake Comnty Sch Dist
Action: New Rating
Action: Outlook: Stable
SHOW LESS READ MORE >
Clear Lake Comnty Sch Dist