Standard & Poor's Ratings Services said it raised its rating on Ravenswood City School District School Facilities Financing Authority, Calif.'s general obligation revenue debt, issued for Ravenswood City School District, one notch to A from A-minus.
The outlook is stable.
The upgrade reflects Standard & Poor's opinion of the district's stable financial operations, strong available general fund reserves, and stable average daily attendance trends.
"We believe the district will likely maintain, what we consider, its strong finances and low estimated overall debt. We also believe what we consider stable average daily attendance trends and the district's access to Silicon Valley and the broad and diverse San Francisco Bay area economy provide additional rating stability," said Standard & Poor's credit analyst Daniel Zuccarello. "Therefore, we do not expect to change the rating within the two-year outlook period. We, however, could lower the rating if management cannot maintain balanced operations, causing available general fund reserves to decrease below levels we consider adequate. Conversely, we could raise the rating if the district were to continue to experience continued economic improvement, evidenced by decreasing unemployment, as well as a sustained level of strong-to-very-strong available general fund reserves, providing district officials with added financial flexibility."
Ad valorem taxes of the Ravenswood City School District secure the bonds.
