For immediate release — May 22, 2007Newsbrief
(DALLAS) — Fitch Ratings, based in New York City, has assigned a rating of “F1+” to the $150 million Dallas County Community College District tax-exempt commercial paper notes, series A. The rating on the notes is based on both the “internal liquidity support” provided by the district and the “external liquidity support” provided by the bank Dexia Credit Local in the form of a revolving credit agreement. The rating will expire on May 10, 2010, unless the date is extended or other circumstances occur that are defined in the revolving credit agreement.
DCCCD’s general obligation bonds are rated “AAA” by Fitch; the bonds were assessed by the agency in August 2004 and affirmed on Dec. 11, 2006.
“The ‘F1+’ rating from Fitch is the highest rating that they can assign to short-term debt,” said Ed DesPlas, DCCCD vice chancellor for business affairs. “It is a very good reflection on the commercial paper we will issue.”
According to Fitch, DCCCD’s superior rating for its general obligation bonds and tax notes “is based on a diversified revenue stream and good liquidity levels, the strong planning process in place for operating and capital needs, and steady population and tax base growth.”
For more information, contact DesPlas at (972) 860-7752.
# # #Press contact: Ann Hatch, 214-860-2478