Austin Community College issued the following announcement.
The Austin Community College District (ACC) continues to show fiscal strength according to the latest bond ratings released by Moody’s Investors Service in July 2020.
“ACC is committed to maintaining a healthy outlook for our students and community,” says Neil Vickers, ACC executive vice president, Finance & Administration. “Taxpayers entrust us with their support through approving bond projects. These ratings reflect the district’s strong service and dedication to using those funds wisely and responsibly.”
Moody’s assigned an Aa2 rating to the college’s $47.1 million Lease Revenue Refunding Bonds which are used for payments on the college’s Hays Campus. ACC also maintains its general obligation limited tax rating of Aa1.
“The stable outlook reflects our expectation that the district will continue to maintain positive budgetary performance because of strong demand and a diverse revenue source that is expected to be largely unaffected over the next year. We also expect that the Austin economy will remain strong and that the large tax base will continue to support the rating despite ongoing coronavirus related disruption,” explains Moody’s.
The rating agency also cited factors including ACC’s history of financial performance, the district’s large tax base, steady enrollment numbers, and increase in demand for college offerings.
For more information on ACC’s bond projects, visit austincc.edu/bond.
Original source can be found here.
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