MOODY'S ASSIGNS 'A1' RATING TO DADE COUNTY SCHOOL DISTRICT, FLA. GENERAL OBLIGATION BONDS
MOODY'S ASSIGNS 'A1' RATING TO DADE COUNTY SCHOOL DISTRICT, FLA.
GENERAL OBLIGATION BONDS NEW YORK, Jan. 14 /PRNewswire/ -- Effective yesterday, Moody's Investors Service assigned an "A1" rating to Dade County School District's $200 million general obligation bond sale on Jan. 22. In assigning the rating Moody's cited the district's sizable and growing tax base, moderate debt position and well maintained financial operations in an atmosphere of continuing state cutbacks. The unique and resilient economy, notwithstanding recent layoffs by major air carriers, was a vital rating factor. The offering is the second installment of a $980 million general obligation bond authorization approved by voters in March 1988. The first $200 million portion was sold in January 1989. The $980 million represents one of the largest general obligation school authorizations ever passed by voters. However, given the fact that taxes are being levied on the largest tax base in the state, the impact of debt service on the total authorization in the current interest rate environment would be modest. The school system, reportedly the fourth largest in the nation and the second largest state employer, educates children from over 100 nations. Officials have instituted a number of innovative programs including school based management and have formulated strategic plans to deal with a potentially large influx of refugees from the Caribbean and Central and South America. -0- 1/14/92 /CONTACT: John Incorvaia of Moody's, 212-553-0501/ CO: Dade County School District ST: Florida IN: SU: RTG FC-OS -- NY031 -- 9490 01/14/92 10:52 EST
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|Date:||Jan 14, 1992|
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