Standard & Poor's Ratings Services said it raised its underlying rating to AA-minus from A-plus on Bear Valley Community Services District, Calif.'s unlimited-tax general obligation bonds.

The outlook is stable.

"The upgrade reflects our view of the district's maintenance of extremely strong reserves exceeding 100% of expenditures during the last few fiscal years and of the continued development of residential lots in the district," said Standard & Poor's credit analyst Bryan Moore.

The rating further reflects the district's: draw as master-planned and recreational bedroom community, very strong income indicators and extremely strong wealth indicators, and moderate overall debt burden.

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