OREANDA-NEWS. S&P Global Ratings assigned its 'BBB+' rating to Coyote Canyon Public Facilities Community Facilities District (CFD) No. 2004-1 of the Etiwanda School District, Calif.'s special tax refunding bonds, series 2016 A and B. The outlook is stable.

"The rating reflects our view of the district's small size of 427 parcels, adequate overall value-to-lien ratio of 13 to 1, and high effective tax rate of 1.93%," said S&P Global Ratings credit analyst Kaila Spalinger.

Proceeds of the series 2016 A bonds will be used to refund all of the CFD's outstanding 2009A special tax bonds, and proceeds of the series 2016 B bonds will be used to crossover refund the district's outstanding series 2009B special tax bonds for interest cost savings.