The East Bay Regional Park District in California received a top rating from Moody's Investors Service late Monday ahead of its $80 million general obligation bond sale next week.
Moody's also affirmed the Aaa rating on the district's outstanding GO bonds, totaling approximately $111 million.
"The rating reflects the district's exceptionally large tax base, which dwarfs the median for Aaa-rated local governments, above average wealth levels, prudent fiscal management with very strong reserves, and exceedingly low direct debt burden," analysts said in a report.
Moody's said that as of fiscal year 2013, assessed value remained below the historical high.
The rating could be downgraded if the district experiences significant deterioration in its financial position or tax base, or if it takes on a significant amount of additional debt.
The district, operating in Alameda County and Contra Costa County, plans to issue the bonds in a competitive offering on July 16.
KNN Public Finance is the financial advisor.
The bonds are secured by a voter approved pledge of unlimited property tax levied throughout the district. Proceeds will fund capital projects throughout East Bay Regional Park District.