Standard & Poor's Ratings Services said it lowered its long-term rating to D from CC and removed the rating from CreditWatch with negative implications on the California Statewide Communities Development Authority's series 2008A tax-exempt revenue bonds and series 2008B taxable revenue bonds issued for Thomas Jefferson School of Law (TJSL).
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"TJSL did not pay bondholders in full, as revealed in the trustee's Sept. 29, 2014, posting to EMMA," said Standard & Poor's credit analyst Carlotta Mills.
An issue rating is lowered to D "when payments on an obligation are not made on the date due."
