Bangkok--22 Jun--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA' long-term rating to Los Angeles Community College District (LACCD), Calif.'s series 2010D, election of 2008, general obligation (GO) taxable bonds and series 2010E, election of 2008, GO taxable bonds. In addition, Standard & Poor's affirmed its 'AA' long-term rating and underlying rating (SPUR) on the district's existing GO debt.
"The ratings reflect our opinion of the district's large and diverse tax base located in the strong Los Angeles economy and good financial performance, with a recent history of strong general fund reserves," said Standard & Poor's credit analyst Matthew Reining.
We understand that bond proceeds will be used to construct and renovate district facilities.
The district's service area covers 882 square miles of central Los Angeles County, including the City of Los Angeles as well as its 36 surrounding cities and unincorporated communities. The district operates nine accredited two-year colleges as well as additional satellite and extension facilities. The district employs 5,152 full- and part-time faculty and 4,590 full- and part-time classified and unclassified employees. The district is the largest community college district in California.
RELATED CRITERIA AND RESEARCH
USPF Criteria: GO Debt, Oct. 12, 2006
Complete ratings information is available to RatingsDirect on the Global Credit Portal subscribers at www.globalcreditportal.com and RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095,
[email protected]
Analyst Contacts:
Matthew Reining, San Francisco (1) 415-371-5044
Ian Carroll, San Francisco (1) 415-371-5060
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_
[email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]
Standard & Poor's