Mario A. Cortez | La Prensa San Diego
San Ysidro School District’s bond ratings have been lowered after it failed to make a bond payment in September 2017 amid the firing of both its Superintendent and Deputy Superintendent last fall.
Standard & Poor’s (S&P), a global credit rating agency, lowered the District’s general bond rating from “A” to “BBB+”, and lowered the rating on Certificates of Participation (COPs) from “A-” to “BBB”, the lowest rating still considered investment grade. The next lower rating is considered to be junk bond status.
“The rating actions reflect our view of the District’s management practices and internal controls following its late principal and interest payment in September 2017,” said Benjamin P. Geare, primary credit analyst for S&P. “The negative outlook reflects our view of lingering effects from the District’s history of poor internal controls could lead to additional unforeseen events that would pose financial stres