Moody's downgrades Dallas County School TX's GOLT to Aa3; Outlook is negative

Posted on: April 11, 2014, 10:44 pm

NEW YORK, April 11, 2014 --Moody's Investors Service has downgraded to Aa3 from Aa1 the underlying ratings of Dallas County Schools' (TX) outstanding general obligation limited tax debt. Concurrently, Moody's has assigned a Aa3 rating to Dallas County Schools' $16.26 million Public Property Finance Contractual Obligations, Series 2014; $6.12 million Public Property Finance Contractual Obligations, Taxable Series 2014; and $4.11 million Maintenance Tax Notes, Taxable Series 2014. The rating actions affect roughly $72.7 million in outstanding parity debt inclusive of the current sales. Proceeds from the Contractual Obligations will be used to purchase buses and technology equipment for buses. Proceeds from the sale of taxable Contractual Obligations and Maintenance Tax Notes will be used for general administrative costs and ongoing operating expenses of the issuer, including the purchase of a safety technology system. The Series 2014 Contractual Obligations and Maintenance Tax Notes are secured by the proceeds of an annual ad valorem tax levied for maintenance and operations purposes, within the legal limit of $0.01 per $100 of taxable valuation, on all taxable property located within the county. The current Contractual Obligations and Maintenance Tax Notes are being issued on parity with the issuer's Series 2012, Series 2012A, and Series 2013 Obligations...

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