Standard & Poor's Ratings Services said it revised its outlook to negative from stable on Imperial Community College District, Calif.'s existing debt.
At the same time, Standard & Poor's assigned its A long-term rating to the district's series 2012 general obligation (GO) refunding bonds. Additionally, Standard & Poor's affirmed its A long-term rating on the district's outstanding GO bonds.
"The revised outlook reflects our view of the substantial drop in enrollment levels at the district, which has resulted in lower operating revenues and lower operating reserve balances," said Standard & Poor's credit analyst Li Yang. "The rating further reflects our view of the district's moderate debt burden and good reserve levels during the past three fiscal years," Yang added.
The district serves a population of roughly 174,800 and covers all of Imperial County in Southern California.