Perris Union High School District, CA's GO Bonds Assigned 'A+' Rating; COPs Rated 'A'

CENTENNIAL (S&P Global Ratings) April 18, 2019--S&P Global Ratings assigned its 'A+' long-term rating to Perris Union High School District, Calif.'s election of 2018 series A general obligation (GO) bonds, and its 'A' long-term rating and to the district's 2019 certificates of participation (COPs). At the same time, S&P Global Ratings affirmed its 'A+' underlying rating (SPUR) on the district's existing GO debt. The outlook is stable.
"The ratings reflect our opinion of the district's low to adequate income indicators, steadily increasing average daily attendance and maintenance of good available fund balances, offset by the area's high unemployment rate and the district's high overall net debt per capita," said S&P Global Ratings credit analyst Angel Bacio.
The stable outlook reflects our opinion of the district's steadily increasing average daily attendance and good available general fund reserves. We believe district officials will likely continue to implement budgetary adjustments, as needed, to maintain balanced operations while preserving at least good available general fund reserves. Therefore, we do not expect to change the ratings during the two-year outlook period.
The series A (election of 2018) GO bonds will be used primarily to finance the improvement of property and facilities throughout the district. We understand proceeds from the COPs will be used to refund the 2007 certificates and finance various capital improvements to the district. The district has roughly $337.1 million in direct debt inclusive of the $148 million series A bonds and the $36.5 million 2019 COPs.
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