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Collier County School Board, FL - Moody's Research Report

MOODY'S AFFIRMS A1 RATING AND STABLE OUTLOOK ON $522 MILLION COLLIER COUNTY SCHOOL BOARD'S (FL) CERTIFICATES OF PARTICIPATION

Posted on: December 21, 2009, 3:27 pm

NEW YORK, Dec 21, 2009 -- Moody's Investors Service has affirmed the A1 long-term rating and stable outlook assigned to the Collier County School Board's (FL) $522 million outstanding Certificates of Participation (School Board of Collier County, Florida Master Lease Program). The COPs are subject to annual appropriation, and although all district current revenues are available for repayment, the certificates are effectively repaid from a separate capital outlay property tax levy. The essential purpose of the projects under the master lease program and the cross-default provision for all series issued under the lease are credit strengths. Also factored into the rating are: the district's modest debt burden with no future borrowing plans; manageable borrowing plans; sizeable tax base experiencing valuation declines; recently flat enrollment and satisfactory financial operations. In the last two fiscal years the state has reduced the capital outlay millage that school districts statewide use to repay lease obligations to 1.5 mills from 2 mills. There can be no assurance that the state will not reduce the capital outlay millage further...

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