SMMUSD Receives Top 'Aa1' & 'AA' Bond Ratings In San Francisco
Posted Jul. 26, 2014, 9:20 am
After a successful meeting in San Francisco regarding the sale of the district’s first series of Measure “ES” bonds, the Santa Monica-Malibu Unified School District has maintained its impressive bond rating of ‘Aa1’ and ‘AA’ from rating agencies, Moody’s Investor Service and Standard & Poor’s, respectively.
Earlier this month, SMMUSD Superintendent Sandra Lyon, Board of Education President Maria Leon-Vazquez, and Associate Superintendent for Business and Fiscal Services/CFO Janece Maez traveled to San Francisco to meet with Moody’s Investors Service and Standard & Poor’s, two of the premiere bond rating agencies in the nation.
Following the meeting, and after conducting their own due diligence, Moody’s elected to reaffirm the District’s credit ratings.
Both rating agencies cited the following reasons for raising SMMUSD’s bond rating: the district’s solid finances, the strength of the local tax base and economy, and the uncommonly strong community support.
The district’s credit ratings will provide taxpayers with a very low cost of borrowing when the bonds are sold.
Measure “ES” is a $385 million construction bond affirmed by the voters in November 2012, with focus on improving academic instruction, school safety, and technology of Santa Monica and Malibu schools.