MOODY'S LOWERS GENERAL OBLIGATION BOND RATING FOR DALLAS INDEPENDENT SCHOOL DISTRICT, TEXAS, FROM 'Aaa' TO 'Aa'
MOODY'S LOWERS GENERAL OBLIGATION BOND RATING FOR DALLAS INDEPENDENT SCHOOL DISTRICT, TEXAS, FROM 'Aaa' TO 'Aa' NEW YORK, Oct. 26 /PRNewswire -- Effective today, Moody's announced that it has lowered the general obligation bond rating on the Dallas Independent School District from "Aaa" to "Aa". In lowering the rating, Moody's noted, "Changes in the state aid funding formula have resulted in the district relying more heavily on property taxes for operations. In addition, tax base losses have been persistent and substantial, totaling $9.2 billion or 20.3 percent over the last five years. While the district has appropriately responded to such losses by adjusting its tax rate to provide sufficient revenues to fund operations, revenue raising ability remains dependent upon the tax base. The district retains a high quality rating based on management's demonstrated ability to respond to ongoing fiscal challenges." In December 1992, the district will seek voter authorization for the issuance of $275 million of bonds to address sizable and pressing capital needs. Passage of this authorization is essential to the district successfully implementing its capital improvement program. -0- 10/26/92 /CONTACT: Jeffrey F. Rizzo, vice president/managing director - Regional Ratings, 212-553-0354; Chris Evangel, vice president - Southwest Region, 212-553-1927; or Steve Levine, assistant vice president/supervisor - Southwest Region, 212-553-4097, all of Moody's Public Finance Department/ CO: Dallas Independent School District ST: Texas IN: SU: RTG
GK-EE -- NY094 -- 4956 10/26/92 15:17 EST
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|Date:||Oct 26, 1992|
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