San Diego Unified School District, CA#s 2018-2019 Series A TRANs Assigned #SP-1+# Rating

Stocks and Financial Services Press Releases Thursday June 28, 2018 11:13
SAN FRANCISCO--29 Jun--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) June 27, 2018--S&P Global Ratings assigned its 'SP-1+' short-term rating to San Diego Unified School District, Calif.'s 2018-2019 tax and revenue anticipation notes (TRANs), series A.

District officials intend to use note proceeds to fund seasonal cash deficits during fiscal 2019.

"The ratings reflects what we view as very strong note coverage by district-projected available fiscal 2019 general fund cash balances and by projected alternative liquidity at the maturity date, as well as positive variance of actual estimated year-end note coverage compared to historical projections in most years," said S&P Global Ratings credit analyst Benjamin Geare.

Securing the TRANs are taxes, income, revenue, cash receipts, and other unrestricted money the district receives or is attributable to the general fund in the fiscal year ending June 28, 2019. Total note principal and interest are due on June 28, 2019. Under the note resolution, the district will set aside 60% of note principal with the paying agent by Jan. 14, 2019, and 40% plus note interest by April 30, 2019.

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


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