Hueneme School District's $3.5 million in general obligation bonds have been rated "AA" by Fitch, an international rating agency.
The Series A bonds are scheduled to be sold beginning this week by Stone & Youngberg. The AA rating was an upgrade from A+.
Fitch officials said the rating reflects the district's stable economy, positive financial operations, low debt burden, effective management and solid general fund reserves. These factors are offset somewhat by the primarily residential economic base that is 99% built out.
This new issue is the first of a $6.9-million bond measure approved by 70% of the voters earlier this year. The new authorization is the second of a two-stage seven-year capital improvement program that began in 1997 to modernize all schools in the district.
The school district has 8,547 students, with an annual growth rate since 1990 of about 1.6%. It covers eight square miles in Port Hueneme and Oxnard, as well as some unincorporated county territory.