Schools
S&P Global Ratings Assigns AA Rating To Carlsbad Unified School District
The bonds are expected to be sold in June and will provide funding for the second phase of the district's long term facilities master plan.
May 7, 2021
S&P Global Ratings assigned an ‘AA’ long-term rating to Carlsbad Unified School District's upcoming $93 million general obligation bond issuance. The rating agency also affirmed its ‘AA’ long-term and underlying rating on the district’s outstanding GO bonds. The district achieved a higher GO bond rating than the State of California, which is rated ‘AA-.’
Find out what's happening in Carlsbadfor free with the latest updates from Patch.
The ‘AA’ long-term rating indicates that the district’s capacity to meet its financial obligations is very strong, and differs from the highest rating only by a small degree according to Standard & Poor’s. Highly rated bonds are often sold at lower interest rates which can provide long-term savings to taxpayers.
Carlsbad Unified voters approved Measure HH in 2018 to fund $265 million in improvements to all of its campuses. The district serves over 11,000 students at its nine elementary schools, three middle schools, two comprehensive high schools and alternative education programs. The upgrades include construction of new classrooms, addition of STEAM spaces, renovations at older campuses, traffic improvements, and heightened security measures.
Find out what's happening in Carlsbadfor free with the latest updates from Patch.
The bonds are expected to be sold in June and will provide funding for the second phase of the district’s long term facilities master plan.
“We are grateful for the community’s support of our bond program,” said Claudine Jones, President of the CUSD Board of Trustees. “Families move to Carlsbad because of our award-winning schools and these investments will enhance our already outstanding educational programs.”
“Carlsbad Unified was among the first school districts in San Diego County to reopen to in-person instruction last fall,” said Superintendent Benjamin Churchill. “We know how important the classroom is for teaching and learning, and our new and renovated teaching spaces will provide the best environment for our teachers and students.”
The credit rating agency noted the district’s financial management practices, healthy reserves, pattern of operating surpluses, and a very strong local economy in assigning the long-term rating with a stable outlook.
A copy of the rating report is available here: https://bit.ly/3vNm2JH
This press release was produced by the Carlsbad Unified School District. The views expressed here are the author’s own.