Moody’s Investors Service has assigned an Aaa rating to Bellevue School District No. 405’s $557 million of general obligation debt, which includes $100 million of GO bonds the district expects to sell later this month.

“The district’s high rating primarily reflects its large and affluent tax base, sound financial operations, and manageable debt profile,” Moody’s said in a report.

The upcoming sale will also have the Aa1 enhancement rating of the Washington School Bond Guarantee Program, which has a negative outlook, mirroring the state’s rating. Under the guarantee program, the state pledges its full faith, credit and taxing power to back voter-approved GO debt service for school districts that qualify.

The district’s rating also has a stable outlook as Moody’s expects its tax base to recover from the recession and the district’s finances will “remain sound but typical of Washington school districts.”

The one challenge noted by Moody’s is that the district’s fund-balance levels are below the median of Aaa-rated school districts nationally.

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