KBRA Releases New Comment: “Bondholders Protected from Budget Pain Caused by LAUSD Teachers’ Strike”
NEW YORK--(BUSINESS WIRE)--Jan 9, 2019--Kroll Bond Rating Agency (KBRA) releases a commentary concerning Los Angeles Unified School District and its ongoing labor contract negotiations titled “Bondholders Protected from Budget Pain Caused by LAUSD Teachers’ Strike.”
This is the first week of the 2019 school calendar for over 500,000 K-12 students in the Los Angeles Unified School District (the “District” or LAUSD), but their teachers may be going on strike as early as January 10.
KBRA has issued a commentary addressing the topic, which lays out the District’s projected financial impact after factoring in some of the United Teachers Los Angeles’ demands.
KBRA continues to monitor developments in the negotiation and notes that LAUSD’s outstanding general obligation bonds are secured by a pledge of voter-approved dedicated unlimited ad valorem property tax of the District in an amount sufficient to pay debt service.
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KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
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CONTACT: Analytical Contacts:Alice Cheng, Associate Director
firstname.lastname@example.orgWilliam Cox, Managing Director
Karen Daly, Senior Managing Director
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE INSURANCE
SOURCE: Kroll Bond Rating Agency
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PUB: 01/09/2019 05:28 PM/DISC: 01/09/2019 05:28 PM