Southwestern Oregon Community College District Bond Rating Outlook Revised To Negative On Deficit Spending

Stocks and Financial Services Press Releases Tuesday November 29, 2016 16:35
SAN FRANCISCO--29 Nov--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) Nov. 28, 2016--S&P Global Ratings revised the outlook to negative from stable and affirmed its 'A+' long-term rating on Southwestern Oregon Community College District's full faith and credit bonds outstanding. At the same time, S&P Global Ratings assigned its 'A+' long-term rating to the district's full faith and credit refunding bonds series 2016 and 2017.

"The outlook revision reflects our view of the district's continued deficit spending, large reliance on state funding, and declining enrollment trends," said S&P Global Ratings credit analyst Brian Phuvan.
The 2016 refunding bond proceeds will be used to refund a portion of the district's series 2005, 2006, and 2010 bonds outstanding for debt service savings.

The 2017 refunding bond proceeds will be used to forward refund a portion of the district's series 2007 bonds outstanding for debt service savings. Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria.

Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and atwww.spcapitaliq.com.

All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.

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