Bangkok--8 Oct--Standard & Poor's
Standard & Poor's Ratings Services raised its underlying rating (SPUR) to 'AA' from 'AA-' on Clackamas County Community College District, Ore.'s outstanding general obligation (GO) bonds. At the same time, Standard & Poor's assigned its 'AA' long-term rating and stable outlook to the district's series 2009 full faith and credit refunding bonds.
"The raised rating is based on the district's history of maintaining a very strong financial position, in our view, despite volatility in its various revenue sources," said Standard & Poor's credit analyst Li Yang. "The rating is further supported by the district's steadily increasing tax base, sound financial performance, and good financial management policies and practices."
We understand that bond proceeds will be used to refund the district's outstanding 1998 full faith and credit bonds.
Clackamas Community College District covers an area largely coterminous with Clackamas County, which is situated in the Portland-Vancouver metropolitan area. The district's main campus is located in Oregon City and the district currently has an estimated 7,609 full-time equivalent (FTE) students enrolled for fiscal 2009. With full participation in the greater Portland economic region, we believe the district's local economy is stable and diverse, as evidenced by its strong economic indicators.
RELATED RESEARCH
USPF Criteria: "GO Debt," Oct. 12, 2006
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Li H Yang, San Francisco 1-415-371-5024
Chris Morgan, San Francisco (1) 415-371-5032
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]