Standard & Poor's Ratings Services said it lowered its long-term rating and underlying rating (SPUR) to A-plus from AA-minus on Grossmont Union High School District, Calif.'s general obligation bonds outstanding.
The lowered ratings reflects the projected decline in the district's available fund balance level to a good level from a strong level following four years of drawdowns.
It also assigned an A-plus long-term rating to the district's 2015 GO bonds (election of 2008 series F). The outlook on all ratings is stable.
The ratings reflect the district's: good to very strong wealth and incomes; diverse local economy that benefits from access to San Diego County's broad and diverse economy; good financial management policies and practices; and moderate overall debt.
The district plans to use bond proceeds to fund construction, improvement, and other modernization projects as part of the $417 million bond Measure U authorized by the electorate in November 2008.
