Standard & Poor's Ratings Services raised its underlying rating to AA-plus from AA on Gravenstein Union Elementary School District, Calif.'s existing general obligation bonds.
At the same time, Standard & Poor's assigned its AA-plus long-term rating to the district's 2015 series B GO bonds. The outlook is stable.
"The raised rating reflects our view of the district's growth in available reserves to some of the highest in the state as well as its stable general fund operations despite a recessionary revenue environment," said Standard & Poor's credit analyst Jaime Trejo.
Proceeds from the 2015 series B bonds will be used to finance the construction and improvements of school facilities.
Gravenstein Union Elementary School District serves an estimated population of 5,400 in the southwestern portion of Sonoma County and Sebastopol. Sebastopol, located about 55 miles north of San Francisco, serves as a smaller regional commercial center for the western portions of the Santa Rosa Valley and Sonoma County's Russian River wine region.
