Despite its takeover by the state last year, California’s Inglewood Unified School District was able to retain an investment grade rating of BBB-minus from Standard & Poor’s and had its outlook revised to stable from negative ahead of plans to price $30 million in series 2013 general obligation bonds on Wednesday.

The district is also undergoing an Internal Revenue Service audit. District officials say, however, that the school district was randomly selected for a routine audit.

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