Summary: King County School District No. 411 (Issaquah), Washington; General Obligation; School State Program Jun 08

Standard & Poors, June 2008

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' enhanced rating and 'AA' school district issuer credit rating (ICR) to King County School District No. 411 Issaquah, Wash.'s 2008 unlimited tax GO bonds. Additionally, Standard & Poor's affirmed its 'AA' underlying rating (SPUR) on the district's outstanding GO debt. The 'AA+' rating reflects the school district's eligibility and participation in the Washington School Bond Guarantee Program. The 'AA' school district ICR reflects a full faith and credit obligation secured by an unlimited ad valorem property tax pledge. The district's underlying credit strengths include: An affluent and growing taxpayer base with access to very strong jobs centers in Seattle and Bellevue; Stable enrollments; Adequate historical financial performance, with good unreserved general fund...

Companies mentioned in this report are:
- King Cnty Sch Dist #411 Issaquah

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.

- King Cnty Sch Dist #411 Issaquah

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