Summary: Delano Union Elementary School District, California; Appropriations; General Obligation Sep 11

Standard & Poors, September 2011

Abstract
Standard & Poor's Ratings Services assigned its 'A' long-term rating to Delano Union Elementary School District, Calif.'s series 2011 general obligation (GO) refunding bonds. At the same time, Standard & Poor's affirmed its 'A' underlying rating (SPUR) on the district's outstanding GO bonds and its 'A-' SPUR on the district's outstanding certificates of participation (COPs). The outlook on all ratings is stable. The ratings reflect our view of the district's: Stable enrollment levels, with very modest increases projected by management in the near-term; Good financial performance, as demonstrated by the district's reserves, which have been maintained at strong levels; and Good financial management policies and a low debt burden. Offsetting these foregoing strengths is our view of the district's limited...

Companies mentioned in this report are:
- Delano Un Elem Sch Dist

Action: Affirmed
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.

- Delano Un Elem Sch Dist

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