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News Item: Homepage

Mt. Diablo Unified's Bond Rating Upgraded to Aa2

Mt. Diablo Unified’s Bond Rating Upgraded to Aa2

Moody’s Investors Services cites “substantial and sustained” strengthening of financial position

 

(CONCORD, CA – October 24, 2016) – The Mt. Diablo Unified School District’s bond rating has been upgraded by Moody’s Investors Services, one of the nation’s largest bond credit agencies, from Aa3 to Aa2. While both ratings indicate the district has a “very strong capacity to meet its financial commitments” and differs from the highest-rated obligation “only to a small degree,” Moody’s made the upgrade to Aa2 based on several key factors:

  • Sound financial profile that has demonstrated improvement emerging from the recession

  • Manageable debt levels with shortened amortization

  • The District’s sizeable and growing tax base

  • Above-average socioeconomic  levels

 

Moody’s says the stable outlook reflects expectations for continued tax base and population growth, maintenance of strengthened reserve levels, and an improved debt profile.  Factors leading to the upgrade were “substantial and sustained strengthening of financial position” including reserves and general fund liquidity.

 

“I am very proud that Mt. Diablo Unified has earned an upgraded rating, an affirmation of the district’s excellent management and financial position,” said MDUSD Superintendent Dr. Nellie Meyer.  “The upgraded bond ratings are good news for taxpayers, as the more favorable interest rates will reduce the debt service on tax bills over the life of the bonds.

 

The Aa2 upgrade was assigned to MDUSD’s $38.5 million 2010 Election Series G general obligation bonds, part of the district’s $348 million Measure C, supporting improvements to science, career and technical education facilities, classroom instructional technology, and extensive safety upgrades across the district. Measure C also is providing for numerous classroom and facility modernizations, and an expansive solar energy and other clean energy efficiencies.  Learn more about Measure C activities at www.mdusd.org/measurec.

 

“We remain grateful for the community’s support of Measure C,” added Meyer.  “This is providing for such an important investment into the future of education in Contra Costa County.  We are very thankful to our voters for helping to make a difference in the lives of our students.”

 

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Nestled at the base of Mt. Diablo in the suburban East San Francisco Bay Area, the Mt. Diablo Unified School District is one of the largest school districts in the state of California, with over 56 school sites and programs serving 150 square miles, including the cities of Concord, Pleasant Hill, Clayton; portions of Walnut Creek, Martinez and Pittsburg; and unincorporated areas including Lafayette, Pacheco and Bay Point. The district is among one of the more ethnically-diverse in California, with students and their families representing more than 50 languages and dialects.  Learn more at http://www.mdusd.org/.

Posted by: Joe Estrada Published:10/24/16
Audience: Homepage