Fitch Ratings has affirmed the AA rating on the affluent Scottsdale Unified School District No. 48’s approximately $51.2 million of outstanding general obligation bonds despite slipping enrollment, the agency said. The outlook is stable.

“The AA rating reflects Scottsdale Unified School District No. 48’s good financial operations evidenced by sound reserves, moderate debt levels with manageable capital needs, and stable assessed valuation growth,” analysts wrote. “The district benefits from a strong and diverse local economy with above-average wealth levels and low unemployment rates relative to state and national levels. However, credit concerns include continual enrollment declines and the district’s vulnerability to statewide budgetary pressures that may reduce state aid.”

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