S&P ups Banning U.S.D., Calif.'s G.O. bonds

Standard & Poor's said it raised the underlying rating to A from A- on Banning Unified School District, Calif.'s outstanding general obligation bonds.

The agency also assigned an A rating to the district's series B (election of 2006) G.O. bonds.

The issuance is the second of a $63 million G.O. approved by voters in 2006.

The outlook is stable.

Proceeds will be used for continued facility modernizations and expansions.

"The raised rating reflects the district's good historical reserve levels, strong assessed valuation growth and rising average daily attendance levels," S&P analyst Le T. Quach said in a written statement.

"The district's economic base also has access to job centers in western Riverside and San Bernardino counties," the analyst said.

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