Visalia Unified School District, CA GO, COP Ratings Raised One Notch On Very Strong Reserves, Financial Performance

Stocks and Financial Services Press Releases Thursday April 12, 2018 11:40
CENTENNIAL--12 Apr--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) April 11, 2018--S&P Global Ratings raised its rating to 'AA-' from 'A+' on Visalia Unified School District, Calif.'s general obligation (GO) bonds outstanding. At the same time, S&P Global Ratings raised its rating to 'A+' from 'A' on the district's existing certificates of participation (COPs). Finally, S&P Global Ratings assigned its 'A+' rating to the district's series 2018 (COPs). The outlook on all ratings is stable.

"The raised ratings reflects our view of the district's track record of strong financial performance and very strong fund balance reserves," said S&P Global Ratings credit analyst David Mares. "The rating further reflects our view that the district will continue to receive favorable funding under the state's formula," Mr. Mares added.

The COPs represent interest in lease payments made by the district, as lessee, to the Visalia Financing Corporation, as lessor, for the use of district facilities.

Visalia Unified School District is located in Tulare County, approximately 43 miles south of Fresno, and 78 miles north of Bakersfield. It encompasses an area of about 214 square miles and serves an estimated population of 150,580. It provides education for students in preschool through adult education and operates 41 schools.

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 www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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