Coast Community College District, CA GO Rating Raised To #AA+# Due To Its Very Strong Economy And Financial Performance

Stocks and Financial Services Press Releases Thursday February 16, 2017 08:55
SAN FRANCISCO--16 Feb--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) Feb. 15, 2017--S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'AA+' from 'AA' on Coast Community College District, Calif.'s existing general obligation (GO) bonds. At the same time, S&P Global Ratings assigned its 'AA+' rating to the district's election of 2012 GO bonds, series 2017D (federally tax-exempt) and series 2017E (federally taxable). The outlook is stable.

"The raised rating is based on our view of the district's very strong economy and financial performance," said S&P Global Ratings credit analyst Jen Hansen.
The ratings reflect our view of:
The district's strong local economy situated in Orange County,
The district's very strong general fund reserves,
The flexibility of community college districts in general to manage their enrollment and programs in response to funding levels, and
The district's low to moderate debt burden.

The stable outlook reflects our view of the district's very strong reserves, supported by good financial management practices. The district's participation in a broad and affluent economy enhances the rating's stability, in our view. We do not anticipate changing the rating during the two-year outlook horizon.

The tax-exempt bonds are being issued to finance capital projects, and the taxable bonds are being issued to finance an endowment for voter-approved technology upgrades.

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 at www.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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