Standard & Poor's Ratings Services assigned its 'SP-1+' rating to Visalia Unified School District, Calif.'s $10 million 2011-2012 tax and revenue anticipation notes (TRANs). The rating reflects our view of the district's: Strong, 3.47x principal and interest coverage by available general and unrestricted cash at maturity, based on management's projections, and Alternative liquidity that would boost coverage to 3.99x. The district has pledged its unrestricted revenues to the repayment of the notes. Under the note resolution, unrestricted revenues include taxes, income, revenue (including revenue from the state and federal government), cash, and other money that will be received by or accrue to the district's general fund for fiscal 2011-2012. The district also has agreed to set aside 55% and 45%...
Companies mentioned in this report are: Visalia Unif Sch Dist
Action: New Rating
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