Summary: Ceres Unified School District, California; Note Aug 11

  • ID: 1857026
  • August 2011
  • Region: California
  • Standard & Poors
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Standard & Poor's Ratings Services assigned its 'SP-1+' short-term rating to Ceres Unified School District, Calif.'s tax and revenue anticipation notes (TRANs) series 2011-12. The rating reflects our opinion of: A note structure that includes early set-asides of TRANs repayment amounts; Good debt service coverage by an unrestricted general fund cash balance at maturity of 2.24x; and The district's good overall financial position. The notes are secured by a first lien on taxes, revenues, and other unrestricted money received by the district for its general fund that are attributable to fiscal 2012 and legally available for payments. The district has agreed to set aside amounts equal to 40% of principal in February 2012, with the remaining 60% of principal in...

Companies mentioned in this report are: Ceres Unif Sch Dist
Action: New Rating

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Ceres Unif Sch Dist

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