ABC Unified Receives Aa2 Rating from Moody’s
ABC UNIFIED SCHOOL DISTRICT, SEPTEMBER 13, 2022 - Moody’s Investors Services, the leading provider of credit ratings, has assigned an Aa2 rating to the ABC Unified School District for the district’s Measure BB School Improvement Bond, Series B. Measure BB, the $258 million school improvement bond passed by voters in 2018, has improved schools across the district through the first bond sale, Series A. This credit rating is part of the process of selling the next group of bonds, known as Series B.
“We are extremely pleased with Moody’s rating,” said Interim Superintendent Toan Nguyen. “This rating is a reflection of the district's financial stability, allowing us to sell the bonds at a lower rate, despite the increasing interest rates.”
The credit rating also includes an Aa3 issuer rating based on the district’s ability to meet current bond debt obligations. Moody’s noted that the rating is due to the district’s “conservative fiscal management” along with improved state funding.
“This is truly great news for the district and taxpayers,” said Board of Education President Soo Yoo. “The district’s financial strength and stability will lead to savings for the taxpayers who, ultimately, pay for the bond.”
Series A of Measure BB, in the amount of $64.5 million, has improved all schools with enhanced security features. Elementary schools have upgraded playground equipment and water bottle filling stations, and Artesia and Whitney high schools have improved facilities, including new science classrooms and media centers. Work is underway at Cerritos and Gahr high schools, giving them upgraded facilities and media centers. Series B will fund work at the district’s middle schools, Tracy High School, and the ABC Adult School.
About the ABC Unified School District
In 1965 the Artesia, Bloomfield, and Carmenita School Districts unified and became the ABC Unified School District. Today, the District serves about 30,000 Pre-K to 12th Grade and adult education students through its 31 schools. It serves the cities of Artesia, Cerritos, Hawaiian Gardens, and portions of Lakewood, Long Beach, and Norwalk.