Escambia School District Receives High Credit Ratings

June 27, 2014

The Escambia County School Board was recently issued a “High Quality” credit rating of ‘Aa3’ and a “Very High Quality” credit rating of ‘AA-‘ by Moody’s Investor Services and Fitch Ratings, respectively, on its $20.3 million Refunding Certificates of Participation (COPs), Series 2014.

The refunding allows the district to save approximately $2.4 million in debt service interest payments over the remaining eight  years of the current financing arrangement.  School facilities included in the original debt issue include the entirety of N.B. Cook Elementary School and certain classrooms, cafeterias, and media centers constructed at five other schools.

Both rating agencies indicated that the strength of the School District’s sound financial condition is its

  • healthy general fund liquidity and reserves
  • very low debt burden
  • ample capital outlay revenue for payment of debt service
  • conservative budgeting practices

Superintendent Malcolm Thomas remarked, “The taxpayers of Escambia County can be proud of the School District’s conservative financial management practices throughout the years.  The assignment of these excellent credit ratings by two national rating agencies is an indication of our careful and prudent use of the public funds to which we are entrusted.”

Comments

One Response to “Escambia School District Receives High Credit Ratings”

  1. Ronda on June 28th, 2014 9:57 pm

    Malcolm Thomas is a decent man doing a great job! Thanks

Written by William Reynolds · Filed Under News