310.450.8338, ext. 70229 22 JUL 2014
SMMUSD Receives ‘Aa1’ and ‘AA’ Bond Ratings FOR the FIRST ROUND MEASURE of ES financing
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, 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. These credit ratings put the District in the ranks of other impressive districts that hold these stellar ratings, such as the Beverly Hill USD, Newport-Mesa USD, and Palo Alto USD.
“The continuance of our excellent credit ratings is a testament to this district’s commitment to maintaining its fiscal strength, so we can best serve our students in the challenging economic environment,” said Superintendent Lyon.
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
· The uncommonly strong community support
“Standard & Poor’s and Moody’s reaffirmed what Santa Monica-Malibu parents and our community already know: SMMUSD schools are a great investment,” asserted PTA Council President Rochelle Fanali. “Our students are fortunate to be supported by a community that is so strongly committed to their success. And, as our school district makes its spending plans for these bonds to improve classroom facilities, it’s great to know that strong community support also translates into real savings.”
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.
SANTA MONICA-MALIBU UNIFIED SCHOOL DISTRICT
1651 16TH Street, Santa Monica, CA 90404
ph: 310.450.8338; fax: 310.581.1138