Moody’s Investors Service has assigned an Aa2 underlying rating to $11 million of general obligation bonds to be issued this month by Oklahoma County Independent School District No. 89.

Analyst Adebola Kushimo said the rating, which has a stable outlook, is based on the district’s history of sound fiscal practices and the development of “satisfactory reserves sufficient to provide financial cushion as the district enters a more challenging financial environment due to the state’s budgetary challenges.”

The bonds will be supported by the district’s property tax on $1.9 billion of assessed property, which has a full valuation of $16.5 billion.

Taxable valuations grew at an annual average of 5.8% over the past five years before falling to a 1.6% growth rate in fiscal 2011.

The school system has about $148 million of unissued debt from a $248 million authorization in 2007. Future sales will include $52 million in fiscal 2012 and $15 million in fiscal 2013. The debt is rated AA by Standard & Poor’s.

Oklahoma County ISD 89 serves 36,000 students in Oklahoma City.

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