The Santa Monica-Malibu Unified School District has maintained high bond ratings from two prominent rating agencies, enabling the district to proceed with the sale of the district’s first series of Measure “ES” bonds in the coming weeks.
The District received a bond rating of ‘Aa1’ and ‘AA’ from rating agencies, Moody’s Investor Service and Standard & Poor’s, respectively. Officials said the good ratings would help with the long-term success of the sale.
Both ratings agencies cited the district’s solid finances, the strength of the local tax base and strong community support.
District officials said the 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 Sandra Lyon in a statement. 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. The first series will be for about $30 million and will help fund the planning and prioritization of other bond projects.
A version of this story appeared in the Santa Monica Daily Press.