COLLEGE BOND ISSUE GETS HIGH AA RATING.Byline: Eugene Tong Staff Writer VALENCIA - A $17.5 million bond issue for College of the Canyons College of the Canyons is one of the fastest-growing community colleges in the state. According to the National Junior College Research Association, College of the Canyons consistently ranks in the top 50 community colleges in the nation. has received an AA rating - strong credit for a public institution, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a national rating agency. Santa Clarita Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, Community College District received the grade from Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. just a month before the bonds are scheduled to hit market. The sale is the second issue from the $82 million Measure C bond measure approved by local voters in 2001 to fund construction throughout the district. ``It's a very strong rating, especially for a community college district,'' Fitch analyst Jenny Poree said. ``They have a very strong tax base and economy, and I think they have a very strong management. They have been very proactive in dealing with the state fiscal crisis.'' A third bond issue of $21.6 million is scheduled to be sold next year to help fund new facilities including a 37,000-square-foot library addition, a satellite campus in Canyon Country and the University Center. ``It's the same rating as we got last time, and we're very pleased by that,'' college spokesman John McElwain said. ``That means we can move forward with the sale of bonds and be able to use those dollars Measure C brought us.'' In a printed statement, Fitch called both the district's tax base and enrollment robust, with its current full-time enrollment of 10,526 students expected to more than double by 2010. Poree called the district's outstanding debt low, despite the bond issues: about $36.4 million or 2.9 percent of the district's market value. Poree said few public agencies have the highest possible AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. bond rating. Most are long-established, wealthy communities such as Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. and Marin in Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern . The state of California only has a single-A rating. ``There are very few AAA entities, period,'' Poree said. ``With the state of the economy, there is so much uncertainty. It will be a long time before we see an upgrade.'' Eugene Tong, (661) 257-5253 eugene.tong(at)dailynews.com |
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