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The Foothill-De Anza Community College District has once again received exceptional bond ratings from the premier rating agencies: Aa1 from Moody's, the highest rating for any community college statewide, with Foothill-De Anza the single recipient, and AA from Standard & Poor's, the highest ranking given by the company to California's community colleges and shared by Foothill-De Anza with only four other districts.
The creditworthiness ratings were given in conjunction with the district's recent sale of its final series of general obligation bonds. During the refinancing of certificates of participation (COPs) in 2003, the district received similarly outstanding bond ratings.
"We're proud to once again demonstrate to the community Foothill-De Anza's judicious management of public funds, and to maintain such exemplary ratings during a time of economic challenges for the state and for all community colleges," said Chancellor Martha J. Kanter.
In its report, Moody's cited the district's continuing strong financial performance and strong management, noting its approach to enrollment management and the number of students served—about 44,000 quarterly—particularly given the broad array of community college options available to local students. S&P remarked on the district's strong financial operations, reserve funds and low debt burden. Both agencies also noted the economic strength of the local community.
"Excellent financial management of the district is crucial to our being able to serve students well in the programs and services necessary for their success," said Kanter.
The Foothill-De Anza Community College District prepares students for careers and for transfer to four-year institutions, serving the communities of Cupertino, Los Altos, Los Altos Hills, Mountain View, Palo Alto, Sunnyvale and portions of San Jose.
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