Standard & Poor's Ratings Services said it raised its long-term rating to AA-plus from AA on Beverly Hills Unified School District, Calif.'s general obligation.
At the same time, it assigned a AA-plus long-term rating to the district's series 2015 (election of 2008) GO bonds. The outlook is stable.
"The rating action reflects our view of the strength and growth in the local tax base and the district's maintenance of very strong reserves," said Standard & Poor's credit analyst Jaime Trejo.
The ratings further reflect such factors as the district's robust economic base, multiple revenue streams not generally available to school districts in the state, and very strong general fund reserves.
The district will use the proceeds of the series 2015 bonds to acquire, construct, rehabilitate, and equip various classrooms and school facilities within the district.
The stable outlook reflects the view that the district's tax base is likely to continue to grow and that associated revenue growth will help the district maintain balanced operations.
