Standard & Poor’s said it raised its underlying rating on Wyandotte County, Kan., Unified School District No. 202’s general obligation debt one notch to A from A-minus, citing significant local property tax base expansion and improved wealth and income indicators. The outlook is stable.

Standard & Poor’s also assigned its A rating and stable outlook to the district’s Series 2008A GO capital outlay bonds.

“The ratings reflect the district’s location and participation in the deep and diverse Kansas City metropolitan statistical-area economy, as well as its expanding property tax base,” Standard & Poor’s credit analyst Kate Choban wrote. “The state reimburses more than one-third of debt service on the bonds, which keeps the district’s overall debt levels relatively moderate.” Offsetting factors include the district’s adequate financial position — mitigated by a reliance on state aid — and above-average unemployment.

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