Summary: Greater Johnstown School District, Pennsylvania; School State Program Nov 11

Standard & Poors, November 2011

Abstract
Standard & Poor's Ratings Services has assigned its 'A' long-term rating and school issuer credit rating (ICR) to Greater Johnstown School District, Pa.'s general obligation (GO) refunding notes and federally taxable notes, series 2011A and 2011B, respectively. The outlook is stable. The rating reflects our view of the district's: Healthy financial performances contributing to its consistently very strong general fund reserve levels; Moderate debt burden on a per capita basis, with limited capital needs; and Very diverse tax base. We believe that the above strengths are constrained by: The limitations of the local economy, coupled with adequate but below average income levels; and Low-to-moderate risk associated with the district's basis cap swap transaction. The full faith and credit pledge of...

Companies mentioned in this report are: Greater Johnstown 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.

Greater Johnstown Sch Dist

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