Summary: Garnet Valley School District, Pennsylvania; School State Program Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services has assigned its 'AA' long-term rating and school issuer credit rating (ICR) to Garnet Valley School District, Pa.'s series 2012 general obligation (GO) bonds and affirmed its 'AA' ratings on the district's existing GO debt. The outlook on all the ratings is stable. The ratings reflect our view of the district's: Status as a growing residential economy, with access to the Philadelphia and Wilmington job markets and employment opportunities throughout Delaware County; Very strong local economic indicators; Good financial management contributing to a history of strong fund balance reserves; and Moderate-to-high debt burden with limited additional capital needs. The district's full faith and credit pledge secures the bonds. The Pennsylvania State Aid Intercept program provides...

Companies mentioned in this report are: Garnet Vy Sch Dist
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

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.

Garnet Vy Sch Dist

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