Standard & Poor's Ratings Services said it raised its long-term rating to AA-minus from A-plus on Tulsa County Independent School District No. 11 (Owasso), Okla.'s general obligation bonds.
It also raised to A-plus from A the long-term rating and underlying rating on Tulsa County Industrial Authority's educational facilities lease revenue bonds, supported by the district. At the same time, Standard & Poor's assigned its AA-minus long-term rating to the Owasso's series 2014 combined-purpose bonds. The outlook on all ratings is stable.
"The upgrade to AA-minus' is based on the district's maintenance of reserves at a level we consider strong after the expenditure of federal stimulus funds, as well as our expectation that the district will sustain its reserves," said Standard & Poor's credit analyst Russell Bryce. "The raised ratings on the authority's revenue bonds reflect the general creditworthiness of the district as well as the bonds' appropriation risk."
Tulsa County Independent School District No. 11 is just north of Tulsa, where it serves an estimated population of about 48,000 in the city of Owasso and surrounding rural areas.
