DALLAS The Las Cruces School District, N.M. has a brighter outlook on its Aa2 rating from Moody’s Investors Service as it prepares to price $10 million of general obligation bonds in a competitive sale Tuesday.
Moody’s Thursday changed the outlook on the school district’s debt to stable from negative, citing revenues and the financial structure of the upcoming deal. The bonds will go to market with Aa1 ratings based on the New Mexico School District Enhancement Program that wraps the debt.
With maturities through 2029, the bonds will be sold competitively Tuesday, with bids opening at 10 a.m. at the RBC Capital Markets office in Albuquerque.
The bonds, which will be used for a variety of school projects, are not rated by Standard & Poor’s or Fitch Ratings.
Located in Dona Ana County, the district includes the city of Las Cruces on the Texas-New Mexico border, the White Sands Missile Range, the town of Dona Ana and the town of Mesilla. The district has 24 elementary schools, eight middle schools and six high schools serving about 25,000 students.