Galveston Community College District, Texas; Junior/Community College

Standard & Poors, May 2011

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Research Type: Full Analysis

Abstract
Standard & Poor's Ratings Services revised its rating outlook to positive from stable on Galveston Community College District (GCCD), Texas' series 2004 combined-fee revenue and refunding bonds and affirmed its 'BBB' underlying rating (SPUR) on the bonds. The positive outlook reflects our view of the district's growth in full-time equivalent (FTE) enrollment, as well as consistently positive operating surpluses on a full-accrual basis despite multiple challenges in recent years, including the impact of Hurricane Ike, which struck Galveston in 2008, cuts in state operating appropriations, and declines in district taxable assessed valuation (AV). The 'BBB' rating reflects our view of the district's: Historically positive financial operations on a full accrual basis; Good revenue diversity, with property tax collections accounting for...

Companies mentioned in this report are: Galveston Comnty College Dist
Action: Outlook Revised

Galveston Comnty College Dist

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