Summary: King & Snohomish Counties School District No. 417 (Northshore), Washington; General Obligation; School State Program Mar 12

Standard & Poors, March 2012

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' enhanced rating and 'AA-' school district issuer credit rating (ICR) to King & Snohomish Counties School District No. 417 (Northshore), Wash.'s series 2012B unlimited-tax general obligation (GO) bonds. In addition, Standard & Poor's affirmed its 'AA+' underlying rating (SPUR) and 'AA-' ICR on the district's GO debt outstanding, with a state enhancement, and its 'AA-' ICR on the district's GO debt outstanding, without a state enhancement. The outlook is stable. The 'AA+' enhanced rating is equal to the Washington State GO rating and reflects the district's request to apply the state's school district credit enhancement program to this series. The 'AA-' school district ICR reflects the district's pledge to levy ad valorem...

Companies mentioned in this report are:
- King & Snohomish Cntys Sch Dist #417 Northshore

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 & Snohomish Cntys Sch Dist #417 Northshore

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