Standard & Poor's Ratings Services said it raised its underlying rating to AA-minus from A-plus on King County School District No. 410 (Snoqualmie Valley), Wash.'s existing general obligation bonds outstanding.
In addition, Standard & Poor's assigned its AA-plus long-term rating and AA-minus underlying rating for credit program to the district's series 2015 unlimited tax general obligation bonds. The outlook is stable.
"The upgrade is based upon our view of the district's economy, assessed value trend, and revenue flexibility," said Standard & Poor's credit analyst Cody Nelson.
The AA-minus rating reflects the district's: maintenance of good available general fund balances, which management projects will grow; revenue flexibility, supported by revenue-enhancing, electorate-approved levies that produce an additional 28% of general fund operating revenue; and growing full-time equivalent enrollment, with expectations of continued growth.
Partly offsetting these credit strengths is the high overall net debt per capita.
