Little Lake Fire Protection District, CA Series 2019 Certificates Of Participation Assigned 'A+' Rating

CENTENNIAL (S&P Global Ratings) April 16, 2019--S&P Global Ratings assigned its 'A+' long-term rating to Little Lake Fire Protection District, Calif.'s $7.5 million series 2019 certificates of participation. The outlook is stable.
The rating reflects our view of the district's:
  • Strong market value per capita;
  • Recent trend of general fund surpluses and very strong available reserves; and
  • Limited operating expenditures.
Partially offsetting these factors, in our opinion, is the district's adequate to low income indicators.
Proceeds from the 2019 certificates will be used to finance the construction of a new fire station, capable of housing modern firefighting apparatus.
"The stable outlook reflects our view of the district's steady growing economy, trend of stable finances, and strong reserve position in both available fund balance, and committed for capital needs," said S&P Global Ratings credit analyst David Mares.
Should the district's local economy significantly improve, specifically in incomes, and the district strengthen its policies and procedures in an effort to maintain its very strong available reserves, we could raise the rating.
Should the district significantly drawdown on its reserves, either through an unplanned deficit or structural imbalance, we could lower the rating.
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