Press Release:  PVPUSD Receives High Credit Rating

October 12, 2009

The Palos Verdes Peninsula Unified School District (PVPUSD) was recently notified by Standard & Poor’s and Moody’s Investor Services that the District’s credit rating was increased to AA+/Aa2, one of the highest ratings a school district in California can receive.  In fact, according to Standard & Poor’s representatives, there are only 16 public school districts in California that have received a rating of AA+ or better. As Superintendent of Schools, it is extremely gratifying to receive such a strong independent assessment of District budget practices.

Two major concerns that influence a school district's ratings are:

* Public school districts are dependent on state revenues.

* The ability of school districts to cope with state budget cuts over a multi-year period.

It is clear the PVPUSD Board of Education and management team have been proactive and planned appropriately for the financial downturn. Our school district was able to demonstrate that through a combination of budget reductions, increased revenue from Measure V, and additional support from the Peninsula Education Foundation and PTA that the PVPUSD has a multi-year budget plan that allows us to provide quality educational programs, despite difficult economic times. 

Our success is not accidental. Due to the unreliability of state funding for public schools, one of the goals of the PVPUSD Board of Education has been to develop a multi-year budget plan that maintained the fiscal stability of the District.  Over the past two years, working closely with all stakeholder groups, we have developed such a plan.  Although difficult economic times will continue, for the immediate future, District leaders will continue to focus their efforts on providing high quality programs for our K-12 students, while at the same time remaining fiscally prudent.  

Walker Williams

Superintendent of Schools