Grants/Cibola County School District No.1
CUSIP *****
- Issue Currency: United States of America Dollars
- Announcement Date: 21-May-2018
- News: Moody`s Investors Service has downgraded Grants-Cibola County School District 1, NM`s outstanding general obligation unlimited tax debt to A3 from A2. The downgrade affects approximately $18.2 million in rated debt. The outlook has been revised to negative. RATINGS RATIONALE The downgrade to A3 reflects the district`s material reduction in general fund reserves during fiscal 2017, largely driven by state-wide school funding cuts and the use of reserves for capital expenditures. Additionally, declining enrollment due to transfers to schools affiliated with the Bureau of Indian Education, an elevated pension burden and weak income indicators weigh negatively on the credit profile. Favorably, the district exhibits a moderate debt profile with rapid principal amortization. RATING OUTLOOK The negative outlook reflects the expectation that continued trends of declining enrollment could pressure operations as the district will receive a reduction in state aid under the current funding formula. The district`s ability to reverse enrollment trends or demonstrate a capability to run surplus operations on a leaner budget will be key to a revision of the outlook.
- Issue Currency: United States of America Dollars
- Announcement Date: 26-Jun-2018
- News: This notice is being sent to the Municipal Securities Rulemaking Board (MSRB) through the MSRBs Electronic Municipal Market Access system (EMMA) pursuant to the Securities and Exchange Commission Rule 15c2-12(b)(5)(i)(C) and the continuing disclosure undertakings with respect to each series of bonds identified below (Bonds) issued by the Grants/Cibola County School District No. 1 (District). On June 19, 2018, Moodys Investors Service (Moodys) downgraded the New Mexico School District Enhancement Program from Aa2 to Aa3. Consequently, the enhanced rating on the Districts General Obligation Bonds is currently Aa3. For a description of the New Mexico School District Enhancement Program please refer to the respective Official Statement for the Bonds. For additional information, please contact Moodys Investors Service. This Notice of Material Event is provided to comply with the Rule and the Districts CDUs. This Notice is not intended to contain all information material to a decision to purchase or sell the Districts Bonds. This Notice does not, and is not intended to provide disclosure as to the financial condition or operations of the District, and no representation is made as to the materiality of the information provided in this Material Event Notice.
- Issue Currency: United States of America Dollars
- Announcement Date: 06-Sep-2018
- News: This notice is being sent to the Municipal Securities Rulemaking Board (MSRB) through the MSRBs Electronic Municipal Market Access system (EMMA) pursuant to the Securities and Exchange Commission Rule 15c2-12(b)(5)(i)(C) and the continuing disclosure undertakings with respect to each series of bonds identified below (Bonds) issued by the Grants/Cibola County School District No. 1 (District). On May 8, 2018, Moodys Investors Service (Moodys) downgraded the Grants/Cibola County School District No. 1 Bond Rating to A3 from A2. Consequently, the rating on the Districts Bonds listed below is currently A3. For additional information, please contact Moodys Investors Service. This Notice of Material Event is provided to comply with the Rule and the Districts CDUs. This Notice is not intended to contain all information material to a decision to purchase or sell the Districts Bonds. This Notice does not, and is not intended to provide disclosure as to the financial condition or operations of the District, and no representation is made as to the materiality of the information provided in this Material Event Notice.
