SANTA MONICA-MALIBU UNIFIED SCHOOL DISTRICT
Contact: Superintendent’s Office
310-450-8338, ext. 241
For Immediate Release
February 21, 2006
MOODY’S TOUTS SANTA MONICA-MALIBU UNIFIED SCHOOL DISTRICT’S SOLID FINANCES AND ROBUST TAX BASE
Moody’s has assigned an Aa3 rating to the Santa Monica-Malibu Unified School District’s (SMMUSD) 2006 General Obligation GO Refunding Bonds, a rating that affects all of the District’s current $88.1 million in debt, including GO Bond. Moody’s, a financial Ratings Agency and opinion maker, analyzes the ability of an organization to meet their financial commitments and assigns a rating based on their findings. Major investors rely on Moody’s ratings as a valuable indicator on the ability and intention of an issuer, in this case SMMUSD, to make payments on debt such as bonds over the lifetime of the bond. Moody’s extremely strong rating points to the District’s financial stability and low debt levels at a time when most California school districts are struggling to ensure that educational programs remain intact.
Moody’s Investors Service recognizes that the “rating reflects the district’s sizable, diverse and affluent tax base, its low debt levels and comparatively rapid payout, and its satisfactory financial position.” This rating signals impressive improvements of our fiscal affairs as compared to previous years. The sale of 2006 General Obligation Refunding Bonds that triggered the re-rating in the amount of $3,880,000, will save Santa Monica-Malibu voters approximately $300,000 over the life of the debt. This is highly affirmative of the District’s fiscal strength, practices and commitment to safeguard public funds.
Santa Monica-Malibu Unified School District
1651 16th Street, Santa Monica, CA 90404
310-450-8338 fax 310-581-1138 www.smmusd.org