Email List

Watch KFDM Newscasts LiveTraffic Pay It ForwardRecipesWedding ContestAround the Web
Advertise with us!

Forecast    more >




Upper trough will cross the area tonight with the rain ending. Clouds will be slow to clear Monday as the clearing line may reach the area and stall. A few peeks of sun will be possible with more on Tuesday. The next system will reach the region on New Year's with more rain chances. Warm front Friday with ...


Washington Times

Search Results

The following is an archived video story. The text content of that video story is available below for reference. The original video has been deleted and is no longer available.

Standard & Poor's ratings for BISD lowered due to weakened financial position and practices


DALLAS (Standard & Poor's) April 9, 2014 --
Standard & Poor's Ratings Services lowered its issuer credit rating (ICR) to 'A-' from 'AA-' on Beaumont Independent School District, Texas' outstanding general obligation (GO) debt. The outlook is negative.

In addition Standard & Poor's affirmed its 'AAA' enhanced program rating on the district's outstanding GO debt. The outlook on the enhanced program rating remains stable. The 'AAA' program rating reflects the district's eligibility for, and participation in, the Texas Permanent School Fund bond guarantee program, which provides the security of a permanent fund of assets the district can use to meet debt service on program-guaranteed bonds.

"The downgrade of the district's unenhanced ratings primarily reflects our
view of the district's weakened financial position and financial management practices, including reported gaps in internal controls uncovered by an ongoing FBI embezzlement investigation and an investigation by the Texas Education Agency," said Standard & Poor's credit analyst Lauren Spalten.

In our view, the ICR reflects the district's:

*    Deficient internal control mechanisms that have been evidenced in
*    conjunction with the indictment of two former district officials on
*    embezzlement charges,
*    Moderately high property tax base concentration in the potentially
*    volatile petrochemical sector,
*    Stable student enrollment, and
*    Very strong wealth levels and good income levels.


Tonight on KFDM Channel 6

6:00 -
KFDM 6 evening news
6:30 -
8:00 -
48 Hours Mystery
10:00 -
KFDM 6 NEWS tonight

Complete Schedule »