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.
The reaffirmation of ratings is connected to a bond refunding (equivalent of refinancing) program, which received Coast District Board of Trustees approval on October 7 and is anticipated to save millions for taxpayers.
“Strong financial management translates to strong bond ratings, which lowers costs for our local taxpayers on community bond programs like measures C and M,” said Andrew Dunn, vice chancellor of finance and administrative services. “Part of our task over the next few years is to maintain a strong financial position by balancing competing demands and available resources.”
The ratings agencies noted that state funding and enrollment challenges exist, worsened by the COVID-19 pandemic. Managing those risks going forward will be essential to preserving current ratings. Fortunately, the Coast District continues to have many advantages – with a robust tax base, innovative approach to education, proven fiscal team, and stable leadership.
This article was released by the Coast Community College District.