Fitch Ratings said it has downgraded San Francisco Community College District's $28.1 million 2002 general obligation bonds (election of 2001, series A) to A.
The bonds are on negative Rating Watch.
The bonds are a general obligation of the district. The board of supervisors of the city and county of San Francisco (the city) is obligated to levy and collect ad valorem taxes upon all property within the district subject to taxation without limitation to rate and amount, to pay debt service on the bonds.
The downgrade reflects Fitch's concerns over financial management raised in a recent letter to the district from the state accrediting commission for community and junior colleges.
The negative Rating Watch reflects Fitch's concern over the district's ability to adequately address the 14 commission identified fiscal, management and planning recommendations (many dating from 2006) and successfully maintain accreditation.