The AA- bond rating is down slightly from an AA rating in the past. It should not affect the districts ability to refinance bonds to lower interest rates for property owners, according to Tim Hern, chief business officer for the district.
“In this economy it is a good rating and the district is considered strong in its financial outlook, as is indicated in the report,” said Hern in an email.
The district holds $48 million series 2012 general obligation refunding bonds scheduled to sell this week.
The proceeds will refund the district’s outstanding series 2004 general obligation bonds.
The bonds are scheduled to sell via negotiation on or about the week of July 16.
The district also has $44.8 million outstanding Lodi Unified School District School Facilities Improvement District No. 1, California general obligation bonds and $97.4 million outstanding general obligation bonds. Both types have a Fitch rating of AA-, with a stable rating outlook.