Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating to AA-minus from A-plus on California Special District Association Finance Corp.'s series 2006TT certificates of participation supported by Santa Clara County Vector Control District.
The outlook is stable.
"The raised ratings reflect our view of the district's strong financial performance in the past three years, which has boosted reserves to more than 200% of expenditures, and the district's plan to pay in full its outstanding debt by 2017, 10 years before principal is scheduled to retire," said Standard & Poor's credit analyst Jaime Trejo.
The ratings are based the district's general creditworthiness, which incorporates the district's: deep and diverse economic base in the heart of Silicon Valley, coupled with above-average wealth and income indicators; positive operations for the past three fiscal years and an anticipated surplus in fiscal 2014; and low debt burden, rapid amortization, and lack of plans to issue additional debt in the future.
