Consolidated School District No. 1 of the Parish of Lafourche
CUSIP 507012XM9
- Issue Currency: United States of America Dollars
- Announcement Date: 10-Aug-2018
- News: S&P Global Ratings lowered its rating two notches to `A-` from `A+ on Lafourche Parish Consolidated School District No. 1, La.`s general obligation debt outstanding. The outlook is negative. The downgrade reflects the district`s fiscal 2017 deficit, nearly exhausted reserves, and a significant decrease in 2018 assessed values in the district. Current economic conditions and declining sales tax revenues could place additional pressure on the district`s reserves, possibly making general fund balance negative.
- Issue Currency: United States of America Dollars
- Announcement Date: 10-Aug-2018
- News: S&P Global Ratings lowered its rating two notches to `A-` from `A+ on Lafourche Parish Consolidated School District No. 1, La.`s general obligation debt outstanding. The outlook is negative. The downgrade reflects the district`s fiscal 2017 deficit, nearly exhausted reserves, and a significant decrease in 2018 assessed values in the district. Current economic conditions and declining sales tax revenues could place additional pressure on the district`s reserves, possibly making general fund balance negative. The rating reflects our view of the district`s Significant drawdown on fund balances in 2017 to 0.5% of total governmental expenditures; Moderately concentrated economy that is focused on the oil and gas industry; and, High pension payments that we view as likely to increase given current pension plan assumptions
- Issue Currency: United States of America Dollars
- Announcement Date: 15-Aug-2018
- News: S&P Global Ratings lowered its rating two notches to `A-` from `A+ on Lafourche Parish Consolidated School District No. 1, La.`s general obligation debt outstanding. The outlook is negative. The downgrade reflects the district`s fiscal 2017 deficit, nearly exhausted reserves, and a significant decrease in 2018 assessed values in the district. Current economic conditions and declining sales tax revenues could place additional pressure on the district`s reserves, possibly making general fund balance negative. The rating reflects our view of the district`s Significant drawdown on fund balances in 2017 to 0.5% of total governmental expenditures; Moderately concentrated economy that is focused on the oil and gas industry; and, High pension payments that we view as likely to increase given current pension plan assumptions
