Summary: Upper Adams School District, Pennsylvania; General Obligation; School State Program Jun 12

Standard & Poors, June 2012

Abstract
Standard & Poor's Ratings Services has assigned its 'A+' long-term rating and issuer credit rating (ICR) to Upper Adams School District, Pa.'s general obligation (GO) bonds, series 2012. We also affirmed the 'A+' underlying rating (SPUR) and issuer credit rating (ICR) to the district's existing GO debt. The outlook is negative. The ratings reflect our view of the district's: Diverse property tax base and strong per capita market valuations; Good household income levels and below-average county unemployment rate; Still adequate general fund balance levels despite consecutive drawdowns; and Low-to-moderate debt burden with limited capital needs. We believe that the rating is constrained by the district's: Tax appeals by its two largest taxpayers, resulting in reductions in assessment and pay out...

Companies mentioned in this report are: Upper Adams Sch Dist
Action: Affirmed
Action: New Rating
Action: Outlook: Negative

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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.

Upper Adams Sch Dist

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