Standard & Poor's Ratings Services said it raised its underlying rating and long-term rating on Cupertino Union School District, Calif.'s outstanding bonds to AA-plus from AA.
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At the same time, Standard & Poor's assigned its AA-plus long-term rating to the district's 2014 election of 2012 series B general obligation bonds. The outlook on all ratings is stable.
"The higher rating reflects our view of the district's consistently strong financial performance," said Standard & Poor's credit analyst Margot Rosenshein, "which is strengthened by annual revenues from two parcel taxes and lease agreements, helping to build and maintain very strong reserves."
