Colfax School District, WI Series 2017 GO Refunding Bonds Assigned #A# Rating

Stocks and Financial Services Press Releases Friday January 20, 2017 08:59
CHICAGO--20 Jan--S&P Global Ratings

CHICAGO (S&P Global Ratings) Jan. 19, 2017--S&P Global Ratings assigned its 'A' long-term rating to Colfax School District, Wis.' series 2017 general obligation (GO) refunding bonds. The outlook is stable.

The bonds are secured by the district's unlimited-tax GO pledge. Proceeds will be used to refund its series 2016 bond anticipation notes.

"The rating reflects our assessment of the district's stable local economy centered on agriculture and related businesses and strong market value per capita," said S&P Global Ratings credit analyst Eric Harper. Other factors include its mostly stable enrollment trend and very strong available reserves.

Colfax School District serves an estimated population of 4,915, primarily in Dunn County approximately 25 miles northwest of Eau Claire and 75 miles northeast of St. Paul. Enrollment totaled 816 in 2017, increasing slightly overall from 2015 to 2017. Management expects it to be mostly flat over the next several years, but with some growth over the next two.

"The stable outlook reflects the district's very strong available reserves and the stability in its tax base," added Mr. Harper, "as well as its mostly stable enrollment, which under the state funding formula should provide stability in the district's general fund revenues." We do not expect a rating change within the two-year outlook period.

We could raise the rating if incomes improved to levels commensurate with higher rated peers and the district formalized more of its management policies and practices. Conversely, we could lower the rating if available reserves declined below the level commensurate with the district's peers.

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