Summary: Wasco Union Elementary School District, California; General Obligation Jul 11

Standard & Poors, July 2011

Abstract
Standard & Poor's Ratings Services assigned its 'A+' rating to Wasco Union Elementary School District, Calif.'s series 2011 general obligation (GO) refunding bonds. The outlook is stable. The rating reflects our view of the district's: Very strong historical financial performance, with an unreserved general fund balance of 13% of expenditures at the end of 2011 and all available funds totaling 24% of expenditures; Steady growth in average daily attendance (ADA), which drives state funding; and Debt levels, which are low on a per capita basis and moderate as a percentage of market value. Partially offsetting the preceding credit strengths is our opinion of the district's: Limited, agriculture-based local economy, and Very low per capita income indicators, with per capita effective...

Companies mentioned in this report are: Wasco Un Elem Sch Dist
Action: New Rating
Action: Outlook: Stable

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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.

Wasco Un Elem Sch Dist

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