Summary: Sulphur Springs Union School District, California; General Obligation; Note Feb 13

Standard & Poors, February 2013

Abstract
Standard & Poor's Ratings Services assigned its 'A+' issuer credit rating (ICR) to Sulphur Springs Union School District, Calif. The outlook is stable. At the same time, Standard & Poor's assigned its 'SP-1+' short-term rating to the district's series 2013 bond anticipation notes (BANs). The 'A+' ICR reflects our view of the district's: Very strong income levels, Diverse tax base, and Low debt burden. Partly offsetting the above strengths, in our view, is the district's projection that it will draw down reserves to the state minimum level for the year. The 'SP-1+' short-term rating reflects our view of the district's: Covenant to repay principal and interest prior to maturity with general obligation (GO) bonds, appropriation debt, additional notes, or any...

Companies mentioned in this report are:
- Sulphur Springs Un Sch Dist

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.

- Sulphur Springs Un Sch Dist

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