Summary: West Contra Costa Unified School District, California; General Obligation

S&P Global Ratings lowered its long-term and underlying rating (SPUR) to 'A+' from 'AA-' on West Contra Costa Unified School District, Calif.'s outstanding general obligation (GO) bonds, based on the application of its "Methodology For Rating U.S. Governments," published Sept. 9, 2024, on RatingsDirect. S&P Global Ratings also assigned its 'A+' long-term rating to the district's anticipated $234.685 million 2024 series B GO bonds (2020 election); $15.315 million 2024 series C GO bonds (2020 election); $48.025 million series A GO refunding bonds; and $41.755 million series B (tender) GO refunding bonds. The downgrade reflects our view the district's growing structural deficit within district operations, driven by declining enrollment trends and a high truancy rate resulting in materially lower average daily

...+ S&P Global Ratings lowered its long-term and underlying rating (SPUR) to 'A+' from '##-' on West Contra Costa Unified School District, Calif.'s outstanding general obligation (GO) bonds, based on the application of its "Methodology For Rating U.S. Governments," published Sept. 9, 2024, on RatingsDirect. + S&P Global Ratings also assigned its 'A+' long-term rating to the district's anticipated $234.685 million 2024 series B GO bonds (2020 election); $15.315 million 2024 series C GO bonds (2020 election); $48.025 million series A GO refunding bonds; and $41.755 million series B (tender) GO refunding bonds. + The downgrade reflects our view the district's growing structural deficit within district operations, driven by declining enrollment trends and a high truancy rate resulting in materially lower average daily attendance (ADA) levels in recent years. The downgrade also reflects our view of the district's elevated governance risks associated with its governance structure. We believe the...

Summary