FOR IMMEDIATE RELEASE
October 27, 2020

CONTACT: Celia Esposito-Noy

PHONE: (707) 864-7299

EMAIL: Celia.Esposito-Noy@solano.edu

SOLANO COLLEGE RECEIVES AFFIRMATION OF “HIGH QUALITY” CREDIT RATING AND PLANS TO ISSUE BONDS

Fairfield, CA – On October 7, 2020, Solano Community College District received another Aa2 “high quality” credit rating from Moody’s Investors Service.  Moody’s cited the following reasons for maintaining the Aa2 rating:

• Large and growing tax base
• Sound financial position
• Healthy level of reserves and liquidity
• Prudent fiscal practices
• Budget solutions to support structurally balanced operations once the current hold harmless provisions go away at fiscal 2024 year-end
• Low debt and OPEB burdens
• Moderate pension burden
• Significant operating flexibility

On October 27, 2020, the District used this “high quality” credit rating and a well-structured approach to issue $30 million in “Series D” of Measure Q Bonds which were approved by local voters in 2012.  The bonds will carry an average interest rate of 2.86%, potentially saving Solano County tax payers millions of dollars in interest in this line item on their property tax bill.

“Our successful bond transaction will lock in today’s low interest rates and stimulate our local economy with construction jobs that pay well,” reported District Superintendent-President Dr. Celia Esposito-Noy.  “Our cornerstone project is the development of significant solar energy to reduce our carbon footprint and lower energy costs. We are grateful that Moody’s recognized our commitment to serve our students and community with excellent programs and services, while exercising prudent management of our resources.”

Solano College worked with finance partners RBC Capital Markets, Piper Sandler, and Stradling Yocha Carlson & Rauth, to receive the ratings from Moody’s and to successfully complete the bond issuance. 

Solano Community College is located at 4000 Suisun Valley Road, Fairfield, CA  94534. For more information, go to:  http://www.solano.edu.