Moody’s Affirms Palomar College Bond Rating, Improves Outlook
SAN MARCOS (July 8, 2022) – Following a review of Palomar College’s financial health, Moody’s Investors Service affirmed the college’s Aa2 bond rating and revised its outlook from negative to stable.
Moody’s released its findings on Wednesday, July 6, 2022. Its report included the following observations:
“The Aa2 rating reflects the district’s extremely broad and diverse tax base which is well positioned for continued growth, in addition to favorable resident income and wealth levels. The rating also reflects the district’s strong financial position and management’s commitment to improving tax policies and procedures, which support healthy operations in the future.
“The stable outlook reflects our expectation that financial reserves (at Palomar College) will remain healthy and long-term liabilities will remain manageable, supported by improved tax policies and procedures and the current favorable state funding environment.”
Palomar Community College District (PCCD) superintendent/chairman Dr. Star Rivera-Lacey called Moody’s positive findings a sign that Palomar remains financially strong and is positioned for growth.
“This is one of many signs that Palomar College has held firm during the two-year COVID-19 crisis. We will continue to focus on strengthening our financial health,” Dr. Rivera-Lacey said. “We are deeply grateful to ratepayers for their confidence in the district as we work to ensure student success.”
The US Local Government General Obligation Debt released in January 2021 was the primary methodology used to assess the rating. The methodology is available at https://ratings.moodys.com/api/rmc-documents/70015Where https://ratings.moodys.com.
About Palomar College: Palomar College is a two-year public community college. Palomar College has four campuses in San Diego County (Rancho Bernardo, Escondido, Fallbrook, and the main campus in San Marcos). Palomar hosts approximately 20,000 full-time and part-time students. California residents pay only $46 per unit. At Palomar, students can choose from over 200 associate degrees and certificate programs while completing the first two years of a bachelor’s degree, training for a career, or taking advantage of personal enrichment courses for lifelong learning. of life.