Moody's assigns Aa3 underlying and Aa1/negative enhanced rating to Clovis Municipal School District No. 1's (NM) $9 million General Obligation School Building Bonds, Series 2012

Posted on: June 21, 2012, 6:48 pm

NEW YORK, June 21, 2012 --Moody's Investors Service has assigned a Aa3 underlying rating to Clovis Municipal School District No. 1's (NM) $9 million General Obligation School Building Bonds, Series 2012. Concurrently, Moody's has affirmed the Aa3 underlying rating on the district's $29.1 million in outstanding parity debt, inclusive of the current sale. Proceeds from the sale will be used to erect, remodel, make additions to and furnish school buildings, purchase or improve school grounds, purchase computer software and hardware, and provide matching funds for capital outlay projects. Additionally, we have assigned a Aa1 enhanced rating to the current sale based on the New Mexico School District Enhancement Program. In conjunction with assignment of a negative outlook on the U.S. government, the outlook for the State of New Mexico has been revised to negative due to indirect links between the state and the federal government. The negative outlook is also applicable to the Aa1 enhanced rating. For further information on the negative outlook on the state, please see the special comment from December 7, 2011 entitled "Most Aaa-Rated State and Local Governments Revert to Stable Outlooks, Despite Negative Pressure on U.S. Government Rating" for more information...

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