The nation’s top bond-rating agencies, Moody’s and Standard & Poor’s, affirmed the Coast Community College District’s excellent rating for general obligation bonds. Both agencies recognized the district with the second-highest ratings possible, Aa1 and AA+ respectively, and noted a stable outlook in the long term.
“Excellent ratings mean that the District can secure funding for major projects—like our new buildings being completed under Measure M—at a lower cost to taxpayers,” said Andrew Dunn, vice chancellor of finance and administrative services. “The ratings reflect confidence in the ability of our District to manage the financial opportunities and challenges that come our way.”
The Moody’s report cited “a very large and growing coastal California tax base” augmented by a healthy financial position for the District itself. At the same time, demographic changes in Orange County have led to a slight decline in traditional college-going populations.
“It is important to note that Coast District ratings have held stable despite some real headwinds,” Dunn said. “The confidence of the rating agencies speaks to the depth of commitment to higher education in our community and the innovative leadership we see at all levels of the District and Colleges.”
The Coast District has a long history of pursuing opportunities to secure resources beyond the state-supported general fund, be it out-of-state enrollment or a variety of competitive grants and contracts. As an early leader in online education, and with campuses that rank among the most desired destination community colleges in the United States, the Coast District is in a prime position to evolve in response to financial pressures. This, in part, led to the positive bond ratings.
This article was released by Coast Community College District.