Compark Business Campus Metropolitan District Bond proceeds will be used to refund the district's outstanding series 2007 bonds and extend the final maturity to 2051 from 2034


Bond proceeds will be used to refund the district's outstanding series 2007 
bonds and extend the final maturity to 2051 from 2034

The stable outlook reflects our view of the district's adequate available 
reserves and coverage levels and lack of additional debt plans. Precluding the 
district from an investment-grade rating is our view of the district's 
concentrated tax base and growing status of development. We do not anticipate 
changing the rating during the two-year outlook horizon.

We could lower the rating should tax base growth begin to taper, resulting in 
declines or stagnation in assessed values, or if the district were to issue 
additional debt, increasing its already high debt burden.

Should the district's tax base diversify substantially, or if the district's 
debt burden were to decrease to levels comparable with those of higher-rated 
peers, we could consider raising the rating.