PHOENIX — Standard & Poor's put the San Mateo County Board of Education, Calif., on negative watch and warned of a possible rating withdrawal later this month because the rating agency says the issuer is not providing information quickly enough.
The school board issued almost $13.4 million AA-rated certificates of participation in 2009, according to documents filed on EMMA. The county’s most recent public disclosure filing is its annual financial information for the fiscal year that ended June 30, 2014, which the board posted to EMMA in January of this year.
“This action follows repeated attempts by Standard & Poor's to obtain timely information of satisfactory quality to maintain our rating on the securities in accordance with our applicable criteria and policies, S&P said Wednesday. “Failure to receive the requested information by Sept. 29, 2015 will likely result in our withdrawal of the affected rating.”
The county education office provides support services for the 23 school districts in its boundaries, as well as direct instruction for some groups of students, such as those with severe disabilities and youth who are wards of the juvenile court.
S&P withdraw the rating of another California issuer last month when it pulled the rating on Palm Drive Health Care District for the same reason.