Garvey School District, CA GO Outlook Revised To Positive On Increased Budget Flexibility, Available Fund Growth Target

Stocks and Financial Services Press Releases Tuesday April 11, 2017 08:49
SAN FRANCISCO--11 Apr--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) April 10, 2017--S&P Global Ratings revised its outlook to positive from stable on Garvey School District, Calif.'s existing general obligation (GO) bonds outstanding. At the same time, S&P Global Ratings assigned its 'A+' long-term rating to the district's election of 2016 series A GO bonds. S&P Global Ratings also affirmed its existing 'A+' long-term rating on the district's existing GO bonds. "The positive outlook is based upon the district's increased budgetary flexibility, and target to further increase available fund balances within the next two years," said S&P Global Ratings credit analyst Cody Nelson. "As a result, we anticipate at least a one-in-three chance of raising the rating within our two-year outlook horizon."

Revenue from unlimited ad valorem taxes levied on taxable property within the district secures the GO bonds. The Los Angeles County Board of Supervisors has the power and obligation to levy these taxes at the request of the district for the bonds' repayment. We understand that the district is issuing the election of 2016 bonds for capital improvements to the district. The new money election of 2016 GO bonds received 80% of voter support.

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