Standard & Poor’s raised its rating on the Gwinnett County, Ga., School District’s general obligation debt to AAA from AA-plus. The outlook is stable.

The agency also raised its underlying rating on the district’s development authority certificates of participation to AA-plus from AA. The outlook is stable.

In addition, Standard & Poor’s assigned its AAA rating and stable outlook to the school district’s $500 million of Series 2008 GOs.

“The upgrade is based on the school district’s continued maintenance of a strong financial profile in spite of a period of limited state aid growth, as well as its ability to maintain a favorable debt profile throughout a period of rapid growth and substantial capital needs,” said credit analyst Jesse Brady.

The AAA rating on the Series 2008 GOs reflects the district’s substantial local economy, which is a major part of the Atlanta metropolitan statistical area; above-average income levels and property wealth; strong, stable financial profile; and low debt burden.

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