Summary: Zachary Community School District No.1, Louisiana; General Obligation Jul 11

Standard & Poors, July 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating to Zachary Community School District No.1, La.'s series 2011 general obligation (GO) school bonds. In addition, Standard & Poor's affirmed its 'AA-' long-term and underlying rating (SPUR) on the district's existing GO debt. The outlook on all bonds is stable. In our view, the rating reflects the district's: Direct access to Baton Rouge, which serves as a regional economic base and is anchored by state government and Louisiana State University; Very strong financial position, coupled with five years of operational surpluses; and Manageable capital needs despite current enrollment growth. We believe an offsetting factor is the district's high debt burden. The district's full faith and credit pledge secures the bonds....

Companies mentioned in this report are:
- Zachary Comnty Sch Dist #1

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.

- Zachary Comnty Sch Dist #1

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