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Fitch Affirms Dixie Elementary School District GO’s and Bonds

Fitch Affirms Dixie Elementary School District GO’s and Bonds

Fitch Ratings

The internationally recognized credit rating agency, Fitch Ratings, affirmed the Dixie Elementary School District‘s two outstanding debt instruments; the general obligation bonds and the lease revenue bonds, series 2009, at AAA and AA+.  These are valued at $8.2 million and $2.3 million respectively.  The overall Ratings Outlook improved to Stable from Negative as well.

This represents a marked improvement for the district’s overall financial health.  Many factors contributed to this rating.  The rating revolved around the district’s ability to maintain its financial margins despite a slowing of revenue growth.  Additionally;
–  a resilient local economy provided stable property tax income,
–  there is less of a reliance on California state funding than in other local districts,
–  existing revenue diversity is good; additional sources of revenue include a local parcel tax, local charitable foundation contributions and surplus property lease revenue.

Dixie Elementary School District also has a strong debt profile, a good financial profile and financial flexibility resulting from a net operating surplus over the past year.

The overall credit summary highlights the district’s prime location encompassing Terra Linda, Marinwood and Lucas Valley; and the resiliency of the local housing market.  The 3 elementary schools and one middles school that serve about 1,800 students are currently under no pressure to expand their facilities because of the currently stable enrollment figures.

See this Bradenton.com article for more information.

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