Redlands Unified School District, CA Series 2017 GO Refunding Bonds Assigned #AA-# Rating

Stocks and Financial Services Press Releases Wednesday November 15, 2017 08:48
SAN FRANCISCO--15 Nov--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) Nov. 14, 2017--S&P Global Ratings assigned its 'AA-' long-term rating to Redlands Unified School District, Calif.'s series 2017 general obligation (GO) refunding bonds. The outlook is stable.

We understand that the proceeds from the series 2017 GO refunding bonds will be used to refund portions of the district's series 2003 GO bonds, all of its series 2005 GO bonds, and portions of its series 2008 GO bonds.

"The rating reflects our view of the district's proximity and access to the broad and diverse Los Angeles, San Bernardino, and Riverside economies; good to very strong income levels, with extremely strong per capita property wealth levels; stable enrollment and average daily attendance levels, the main driver for revenues under the state funding formula; and very strong available general fund reserves," said S&P Global Ratings credit analyst Satomi Suzuki.

Partially offsetting the above factors, in our view, are the district's plan to spend down portions of its general fund balances and lack of more formalized financial management policies and practices.

The stable outlook reflects our expectation that the district will continue to strategically spend down its fund balance as a result of one-time revenues received from the state, but will continue to maintain at least strong reserve levels. Our outlook also reflects our view of the district's large and stable tax base and ability to manage its enrollment and average daily attendance, which will allow steady revenue predictability under the local control funding formula. We do not expect to change the rating during our two-year outlook horizon.

Should the district implement stronger financial management policies and practices, add revenue flexibility outside of the state funding framework, and maintain a track record of reporting positive general fund results while increasing and maintaining its available general fund reserves at very strong levels, we could raise the rating.

Should the district report greater-than-anticipated general fund deficits or significantly spend down its available general fund reserves to a level we no longer consider strong, we could lower the rating.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at for further information. Complete ratings information is available to subscribers of RatingsDirect at All ratings affected by this rating action can be found on the S&P Global Ratings' public website at Use the Ratings search box located in the left column.

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