CUSIP 252345EZ2
- ISIN: US252345EZ22
- Entity Name: Dexter Consolidated School District No. 8
- Sector: Municipal Agency
- Announcement Date: 18-Sep-2018
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 01-Aug-2020
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Rating Downgrade
- News: Moody`s Investors Service has downgraded to A3 from A2 Dexter Consolidated School District 8 (Chaves County), NM`s outstanding general obligation unlimited tax bonds. This rating action impacts $545,000 in Moody`s rated debt. RATINGS RATIONALE The one notch downgrade to A3 reflects the district`s small tax base concentrated in the dairy industry paired with a series of deficits which have materially impacted reserves and liquidity. The rating also considers the district`s minimal debt profile alongside an elevated and rising pension burden and fixed cost burden. RATING OUTLOOK Moody`s generally does not assign outlooks to local government credits with this amount of debt outstanding. FACTORS THAT COULD LEAD TO AN UPGRADE - Sustained and material increases in general fund reserves and liquidity - Significant reductions to the district`s pension and fixed cost burdens FACTORS THAT COULD LEAD TO A DOWNGRADE - Continued years of deficit spending - Economic contraction; loss of a top ten taxpayer - Further enrollment declines without corresponding expenditure adjustments LEGAL SECURITY The Bonds are general obligations of the Dexter Consolidated School District No. 8, Chaves County, New Mexico, payable solely out of general (ad valorem) property taxes that are required to be levied against all taxable property in the District without limitation as to rate or amount. PROFILE The district serves a bedroom community to Roswell, NM (Aa2), covering 683 square miles including the Town of Dexter and unincorporated portions of Chaves County (A1). The district enrolls approximately 960 students.
- Description: Municipal Name: Dexter Consolidated School District No. 8 CUSIP: 252345EZ2 Currency: USD Dexter Consolidated School District No. 8 announced today that the Moody`s Investor Service has downgraded the ratings of the Series 2008, General Obligation School Building Bonds from A2 to A3.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US252345EZ22
