Bangkok--26 Apr--Standard & Poor's
Standard & Poor's Ratings Services revised its outlook to negative and affirmed its 'A+' long-term rating on Navajo County Unified School District No. 25 (Cedar), Ariz.'s outstanding impact aid revenue bonds.
"The negative outlook reflects our view of recent liquidity pressure stemming from a combination of declining state aid, state aid deferrals, and unexpected construction expenses may impede the district's operations and result in lower enrollment," said Standard & Poor's credit analyst Kaitlyn Connors. "If the district's enrollment declined significantly, resulting in lower debt service coverage levels, we could lower the rating. Conversely, if the district is able to resolve its liquidity issues and maintain its strong coverage, we could restore the stable outlook."
Officials indicate they do not plan to issue parity debt within the next two years.
Navajo County Unified School District No. 25 encompasses 1,500 square miles in northeastern Navajo County, 92 miles east of Flagstaff, Ariz., within the Hopi and Navajo Indian reservations.
RELATED CRITERIA AND RESEARCH
USPF Criteria: Securitization Of U.S. Federal Impact Aid Revenues To School Districts, April 17, 2002
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Media Contact:
Edward Sweeney, New York (1) 212-438-6634,
[email protected]
Analyst Contacts:
Kaitlyn Connors, San Francisco 415-371-5033
Sussan Corson, New York (1) 212-438-2014