DISD Credit Rating
Standard & Poor's has dropped the DISD credit rating from AA- to A+ June 9, 2009. "Fitch Rates Dallas ISD's (Texas) $105MM GOs 'AA-'; Outlook Remains Negative"(www.smartbrief.com, www.reuters.com)That's no surprise. The highest possible rating is AAA. (In your dreams, Eliu!)
Can anyone OUTSIDE of the DISD explain the $105 million refund and what that's about? If anyone in the financial sector of the DISD could explain it, they probably wouldn't be in the financial mess they created!
I have also been trying to find out if anyone else has been suckered into buying the bonds. The last information that I found is showed that of the $500million in bonds that went on sale, only $400million were sold. The Texas Education Agency had to co-sign to guarantee that the district would payback the bond holders.