MiraCosta College Earns Highest Bond Ratings from Moody’s & S&P for a Third Time
The MiraCosta Community College District maintains the highest credit ratings from both Moody’s Investors Services (Moody’s) and Standard & Poor’s Global (S&P), receiving a AAA from Standard and Poor's Global and a AAA from Moody’s. This is the third time MiraCosta has received each agency's top rating, having also earned the same ratings in 2017 and 2020.
Both agencies recognized the District’s healthy financial position, the sustainable tax base of North County San Diego, leadership, and solid student enrollment. According to Moody’s report, the MiraCosta College assigned rating is based on the following statement. “The stable outlook reflects our expectations that financial performance will remain sound, supported by continued tax base growth, conservative budgeting practices, and strong liquidity.”
Meanwhile, the S&P report explains, “the ratings reflect our view of the district's:
A key factor in the AAA credit rating was the District’s strong Financial Management Assessment (FMA). The report elaborates that, “We view the district's financial management policies and practices as strong under our financial management assessment (FMA) methodology. An FMA of strong indicates financial practices are strong, well embedded, and likely sustainable. Key management practices and policies include frequent review of the budget with board participation, as well as realistic and well-grounded revenue and expenditure assumptions.” The report also notes that, “Driven by the district's recent history of positive financial performance, it maintained its reserve position at levels that we consider very strong, building its unrestricted general fund reserves by more than 23% over the past three years.”
“The District is committed to maintaining a sustainable and transparent financial model. This is clearly articulated in our long-term goals and is one of the factors that has led to these excellent ratings,” comments MiraCosta College Superintendent/President Dr. Sunita Cooke. “The favorable reports reflect the District’s strong and stable board of trustees and the dedicated work of the exceptional employees who serve our students and community daily.”
The high ratings come as MiraCosta College prepares to issue its third round of general obligation bonds, which authorized $455 million in 2016 through the passage of Proposition MM by the District’s local taxpayers. The bond money will be used to modernize aging facilities and upgrade instructional technology.
“The high credit ratings are a recognition of MiraCosta's fiscal prudence that allows us to continue to be good stewards of taxpayer dollars. The highest bond rating means the lowest possible borrowing cost and savings to the taxpayers,” explains Board President Anna Pedroza.
For MiraCosta College’s complete Moody’s Investor Service credit report, click here and for the S&P report, click here.
About MiraCosta College
The MiraCosta Community College District has served the coastal North San Diego County area for over 88 years. More than 19,000 credit students annually in over 80 disciplines enroll in associate degrees, university transfer and workforce readiness certificate programs. The college also serves over 7,000 students a wide spectrum of educational needs in the region ranging from programs for adult education, community education, basic skills, and English as a Second Language (ESL) to a California Community College pilot program offering the nation’s first baccalaureate degree in biomanufacturing. As a Hispanic Serving Institution (HSI), veteran and military supportive institution, and Achieving the Dream Leader College, MiraCosta College fosters the academic and holistic success of its diverse learners within a caring and equitable environment to strengthen the educational, economic, cultural, and social well-being of the communities it serves. MiraCosta College is accredited by the Accrediting Commission for Community and Junior Colleges (ACCJC) and the Western Association of Schools and Colleges (WASC).
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