The Long Beach Unified School District’s credit rating remains high because of careful management, according to the latest bond ratings from an international research firm.
Moody’s Corporation, the global credit rating and research service, recently assigned a high AA2 rating to the school district. To investors, this rating signifies high quality and low risk.
A high credit rating also helps to save taxpayers millions of dollars in bond interest. Local voters in 2008 approved $1.2 billion in bonds for school modernization and construction. Since then, detailed audits of the Measure K school bond program, overseen by an independent Citizens Oversight Committee, have repeatedly resulted in the highest possible opinion from certified public accountants.
Moody’s rating reflects the district’s “large tax base, prudent financial operations, maintenance of healthy reserves and low debt levels,” according to the firm. “The rating also incorporates the district’s improved liquidity position and strong management team.”
The year 2014 was the busiest since the passage of the 2008 measure in terms of construction and renovation projects, resulting in the creation of 1,743 construction jobs.
Major projects now include the construction of the new Browning High School, the renovation of Jordan High School, and the rebuilding of Newcomb and Roosevelt schools.