Mesa County Valley SD 51, CO 's (Aa3 issuer; Aa2 GOULT) credit profile benefits from favorable liquidity and reserve levels, supported by conservative budgeting practices and three successful mill levy overrides that allow for added financial flexibility. Additionally, the profile benefits from stable student enrollment trends and moderate resident wealth and incomes, driven by the area's status as a regional economic hub. These strengths, however, are tempered by elevated balance sheet leverage and fixed costs, largely driven by the district's exposure to an underfunded statewide pension system