The El Camino Community College District recently received an upgraded rating for its facilities bonds. Standard & Poor's rating services raised its long-term rating to "AA+" from "AA" on the District's outstanding general obligation (GO) bonds. At the same time, S&P Global Ratings assigned its "AA+" long-term rating to the District's series 2018B GO bonds, which are related to the facilities bond approved by voters in November 2012.
The elevated rating reflects the S&P view of the continued economic growth and improved property wealth in the District over the last several years. The rating action also reflects the District's recent audited surpluses and maintenance of very strong reserves, and prudent budget practices with regard to certain long-term liabilities. In addition, Moody's Investors Service sustained Aa1 rating it gave the El Camino Community College District in January 2016, based on the District's healthy financial position supported by strong liquidity and reserves.
These improved ratings will result in savings due to reduced borrowing costs, which will be passed on to the taxpayers who approved facilities bonds in 2002 and 2012. The District's ability to issue the bonds at a low interest rate will correspondingly reduce the burden of paying back the bonds on local taxpayers.
El Camino College's Measure E facilities bonds represent a total of $744 million that support an extensive campus modernization program. The first, a $394 million facility and equipment bond, passed in 2002. A second bond measure for $350 million was approved by voters in 2012.
Numerous classroom upgrades, instructional equipment updates, and critical health and safety repairs have been completed campus-wide. Completely new instructional buildings have also opened with support from bond funding, in addition to a brand-new stadium and education/fitness complex. A new Student Services Center is slated to open this fall. This modern facility located along Manhattan Beach Boulevard will centralize college services, making it easier for students and first-time visitors to access information and resources.
Other projects under construction or design include a new Administration Building, a new Pool/Classroom Building, a new Gymnasium, a new Social and Behavioral Science Building, and a new Arts Complex. Additional projects are also included in the overall capital construction program.
For more information about El Camino College's facilities program, view: http://www.elcamino.edu/about/depts/facilities/masterplan.aspx.