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San Ysidro School District bonds downgraded
State takeover likely, says Fitch
Indicted San Ysidro schools superintendent Manuel Paul
Fitch Ratings yesterday (Nov. 18) downgraded San Ysidro School District bonds: $82 million of general obligation bonds were dropped to BB+ from BBB+ and $29.1 million of certificates of participation were downgraded to BB- from BBB-.
In the absence of a state loan, the district will deplete its cash balances in May of next year, says Fitch, noting "the increasing likelihood that the state will appoint an outside administrator to manage the district's finances and operations."
Adds Fitch, "The district faces added challenges from a corruption scandal that has led to the indictment of a school-board member and its former superintendent."
Here's something you might be interested in.
San Ysidro School District bonds downgraded
State takeover likely, says Fitch
San Ysidro School District bonds downgraded
State takeover likely, says Fitch
Indicted San Ysidro schools superintendent Manuel Paul
Fitch Ratings yesterday (Nov. 18) downgraded San Ysidro School District bonds: $82 million of general obligation bonds were dropped to BB+ from BBB+ and $29.1 million of certificates of participation were downgraded to BB- from BBB-.
In the absence of a state loan, the district will deplete its cash balances in May of next year, says Fitch, noting "the increasing likelihood that the state will appoint an outside administrator to manage the district's finances and operations."
Adds Fitch, "The district faces added challenges from a corruption scandal that has led to the indictment of a school-board member and its former superintendent."
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