July 3, 2003
(DALLAS) —
Two respected financial entities, Fitch Ratings and Moody's Investors
Service, both have assigned AAA ratings to the Dallas County Community
College District for $10 million in maintenance tax notes (series 2003).
The prime rating - not often assigned to community colleges - and
stable outlook, according to Moody's, "reflect the district's location
in a sizable tax base, experiencing moderate growth; strong financial
position (of DCCCD), despite recent reductions in state appropriations;
and minimal debt levels."
The Moody's Investors Service report
included a stable outlook for DCCCD's general obligation bonds that was
based on "our expectations of moderate tax base growth, maintenance of
strong balance sheet reserves, continued enrollment growth, positive
operating performance and low debt burdens."
The assessment
from Fitch's was similar: "The Dallas (County) Community College
District's 'AAA' rating is based on steady population growth, modest
debt position and rapid amortization, the strong planning processes in
place for capital and operating needs and diversified revenue
sources...the rating outlook is stable."
Dr. Bill Wenrich,
DCCCD's chancellor, said in response, "Obviously, we are thrilled with
their decision. They were impressed with presentations made by Bob
Brown, our vice chancellor for business affairs, as well as three
members of our board of trustees: Jerry Prater, Kitty Boyle and
Charletta Compton."
Brown added, "Our excitement over the rating
is driven by the fact that the higher rating will mean DCCCD and its
taxpayers will pay the lowest possible interest rates on the new $10
million in debt. Both agencies recognized the district for outstanding
planning in finance, facilities and educational programming which, in
turn, recognizes the efforts of employees throughout DCCCD."
The bonds are being sold to fund maintenance and repairs throughout the district.