<\/p>\n
Standard & Poors downgrade the Alum Rock USD CA general obligation debt rating to BBB+ from AA- and its certificate of participation debt rating to BBB from A+.\u00a0 S&P also signaled that an additional cut in rating or potentially withdrawing the rating entirely.<\/p>\n
S&P cited the District’s inability to reconcile its books in a timely manner and difficulties obtaining information from District management.<\/p>\n
The District has only received conditional approval of its 201-2018 budget from the Santa Clara County Office of Education.\u00a0 Full approval is required for the District to issue new bonds to fund ongoing construction.\u00a0 In addition, a June 2017 State of California audit criticized the District for poor budget and projected management and warned that the District may be vulnerable to fraud, misspending and mismanagement.<\/p>\n
The Mercury News article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Standard & Poors downgrade the Alum Rock USD CA general obligation debt rating to BBB+ from AA- and its certificate of participation debt rating to BBB from A+.\u00a0 S&P also signaled that an additional cut in rating or potentially … Continue reading