Standard & Poor's Ratings Services said it raised its rating and underlying rating to AA-plus from AA on Marin Community College District, Calif.'s general obligation debt outstanding.
Standard & Poor's also assigned its AA-plus rating to the district's 2015 GO refunding bonds. The outlook on all ratings is stable.
"The raised ratings reflect our view of the district's further entrenchment in 'basic-aid' status, providing greater revenue flexibility, while continuing to maintain available reserves that we view as strong," said Standard & Poor's credit analyst Bryan Moore.
The ratings reflect the district's: broad and diverse tax base located in the San Francisco Bay Area; inherent operational flexibility provided by the ability to reduce class sections and curriculum if required (an operational feature not shared by K-12 districts); advantageous basic-aid funding status and reduced exposure to potential state funding fluctuations; and very strong wealth and income indicators.
