PHOENIX — Standard & Poor's has affirmed its AA rating on San Mateo County Board of Education, Calif.'s certificates of participation and removed the rating from CreditWatch, where it had been placed on Sept. 16.
S&P made that announcement this week, assigning the COPs a stable outlook. There were $13.4 million at issuance in 2009, according to EMMA filings. The rating agency had placed the credit on negative watch and threatened to pull the rating entirely if it did not receive requested financial information by Sept. 29. The agency has since gotten the information it wanted.
“The CreditWatch action reflects our receipt of timely information of satisfactory quality to maintain our rating on the COPs in accordance with our applicable criteria and policies,” S&P said.
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.