NEW YORK - Standard & Poor's Ratings Services said it raised its rating and underlying rating (SPUR) to AA from AA-minus on Burlingame Elementary School District, Calif.'s general obligation debt. In addition, Standard & Poor's assigned its AA rating to the district's $18.3 million 2008 GO bonds. The outlook is stable.
"The raised rating partially reflects Burlingame's wealthy constituency, which has provided additional funding support through parcel tax revenues to the district, decreasing its reliance on state revenues," said Standard & Poor's credit analyst Lisa Schroeer. "In addition, the district has excellent access to the diverse job bases of San Francisco and San Jose."
The district provides K-8 educational services to the city of Burlingame, which has an estimated population of 28,600 and covers 5.5 square miles in San Mateo County.
The fully built-out city lies 18 miles south of San Francisco, and residents have access to both San Francisco and Silicon Valley employment centers. Bay Area Rapid Transit's expansion into San Francisco International Airport further enhances the city's transportation options.
Due, in large part, to Burlingame's proximity to the airport and convenient transportation access, the city has a strong hospitality presence and is home to some high-tech firms and light manufacturing companies. The community has an established base of specialty retail stores that sets it apart as a destination for shoppers.
