Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating to AA from AA-minus on Campbell Union School District, Calif.'s outstanding bonds.
At the same time, Standard & Poor's assigned its AA long-term rating to the district's election 2010 series D (2014) general obligation bonds and its AA long-term rating to the district's series 2014 GO refunding bonds. The outlook on all ratings is stable.
"The raised ratings are due to our view of the district's buildup of its available general fund balances to a level we consider very strong, despite the revenue effects of the Great Recession," said Standard & Poor's credit analyst Bryan Moore.
The ratings additionally reflect the district's: strong local economy in Santa Clara County that remains well connected to Silicon Valley, as demonstrated by strong income indicators, and operating revenues that benefit from the district's ability to realize revenues from its tax base above what it would otherwise receive under the state funding formula and from grants related to charter schools.
