The 'AA+' enhanced rating on Hazelwood School District, Mo.'s series 2005B GO refunding bonds is based on the direct deposit of monthly state aid payments to the bond trustee. State aid covers maximum annual debt service more than 1.5x. The district has entered into an irrevocable direct deposit agreement, which provides that during each of the first 10 months of each bond year one-tenth of debt service will be deposited with the trustee. The 'AA-' Standard & Poor's underlying rating (SPUR) reflects the district's: Participation in the St. Louis MSA, Strong financial operations, as noted by reserve levels in excess of $23 million at the end of fiscal 2004; and Moderate overall debt burden. The strengths are lessened by concerns...
Companies mentioned in this report are:
- St. Louis Cnty Sch Dist (Hazelwood)
Action: New Rating
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