Press Release|Public Finance

KBRA Affirms AA Rating, Stable Outlook for Sacramento City Unified School District General Obligation Bonds

7 Jun 2024   |   New York


KBRA affirms the long-term rating of AA on the Sacramento City Unified School District (Sacramento County, CA) General Obligation Bonds. The Outlook is Stable.

Key Credit Considerations

The rating was affirmed because of the following key credit considerations:

Credit Positives

  • Stable tax base with above average growth in population and assessed values provides solid source of GO debt repayment.
  • Per consultation with KBRA external counsel, robust bondholder protections are afforded by the California Constitution and state law.
  • The statutory framework for fiscal monitoring and reporting outlined in A.B. 1200 is a key credit strength.

Credit Challenges

  • Financial operations are susceptible to reduced LCFF due to enrollment declines and to the potential for reduced State K-14 funding. The District has a history of structural budgetary imbalance.

Rating Sensitivities

For Upgrade

  • Improvement in wealth metrics and assessed valuation per capita that is supportive of increased ad valorem revenues available for the payment of District G.O. debt service.
  • Year-over-year declines in the ad valorem tax base.

To access rating and relevant documents, click here.



A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004663

805 Third Avenue
29th Floor
New York, NY 10022
+1 (212) 702-0707
Contact Us

© 2010-2024 Kroll Bond Rating Agency, LLC. All Rights Reserved. Kroll Bond Rating Agency, LLC is not affiliated with Kroll Inc., Kroll Associates Inc., KrollOnTrack Inc., or their affiliated businesses.