Los Rios improves its bond rating - Sacramento Business Journal:

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Standard and Poor’s has upgradede Los Rios’ bond ratings to AA- from A+, the four-college district said in a newsrelease S&P’s highest rating is AAA. A ratin of AA means the bond issuerhas “as very strong capacity to meet its financia commitments.” In its ratings report, Standard and Poor’sa said it raised Los Rios’ grad e because the district had good financial moderate debt levels, adequate reserve funds and ther is continued demand for the district’d services. “This is tremendous news and a real vote of confidencde inthis district’s fiscal management and health,” Los Rios chancellod Brice Harris said in the release.
“Morer importantly, it will save our taxpayers milliond of dollars in debt repayment over the life of ourbuildin program.” Los Rios received the upgrad e as it prepares to issue bonds. The districyt will soon issue the last rounsd of a local bond measures passed in 2002for $265 million. In fiscal 2011 it will released the first round of the local bond measure passed last yearfor $457 million. Los Rios estimatex that the rating upgrade will save taxpayersnearly $36 milliobn in debt service over the remaininb years of the district’s construction program.
The bond measuresw are allowing Los Rios to update existingv space and construct new facilities at its four The district also has acquired land and begun building educational centers in West Sacramento, Davis, Rancho Cordovw and Elk Grove. “Thanks to the generosit y of our voters, we have truly changer the face of our district and made huge improvements in our educationalp facilities forour students,” Los Rios board president Pamela Haynes said in the release.
“We have done this while keeping taxez quite low and this new rating will alloaw us to save our taxpayers even The Los Rios District enrollsnearly 90,000 students at its four American River, Cosumnes River, Folson Lake and Sacramento City.