Moody's Investors Service said it has upgraded to Aa2 from Aa3 the rating on Martinez Unified School District (Contra Costa County), Calif.'s general obligation bonds, affecting $37.1 million of outstanding rated debt.
The bonds are secured by the district's unlimited property tax pledge.
The Aa2 rating reflects the district's stable, sizable tax base, above average resident wealth levels, and modest debt burden with a slow debt payout rate.
The upgrade incorporates the district's demonstrated ability to increase reserve and liquidity levels during the state's pressured funding environment, as well as our expectation that the district will continue to maintain satisfactory financial performance going forward.
Despite revenue pressures, the district was able to conservatively budget, achieving significant increases to total general fund balance over the last four consecutive fiscal years.