Becker Independent School District No. 726, MN's Issuer Credit Rating Lowered To 'A' On Extensive Use Of Reserves Jul 11

  • ID: 2030408
  • July 2011
  • Standard & Poors
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CHICAGO (Standard & Poor's) July 21, 2011--Standard & Poor's lowered to 'A' from 'A+' its rating on Becker Independent School District No. 726, Minn.'s outstanding general obligation (GO) debt due to the district's weakened financial position, which has resulted in the district violating its fund balance policy. At the same time, Standard & Poor's assigned its 'A' issuer credit rating and 'AAA' enhanced rating to the district's series 2011A GO alternative facilities bonds. We affirmed the 'AAA' enhanced rating on the debt outstanding. The 'AAA' enhanced long-term rating assigned to the series 2011A bonds reflects the district's eligibility for, and participation in, Minnesota's School District Credit Enhancement Program, which provides the security of a standing appropriation from Minnesota's general fund...

Companies mentioned in this report are:
- Becker Indpt Sch Dist #726

Action: Affirmed
Action: Downgraded
Action: New Rating

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- Becker Indpt Sch Dist #726

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