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California District Moves Closer to Insolvency, Earns BBB-Minus Rating

Ste1021 Wrote: Sep 08, 2012 1:53 PM
This truly exposes the lie that it's always "for the children".
The Inglewood, California school district has slipped closer to financial ruin now that S&P has downgraded its credit rating to BBB-minus.

The credit agency stated that the district could improve its status if it gets spending under control and accepts a $55 million bailout from the state. It also said the rating could worsen if the school board doesn’t act quickly.

But nobody should hold their breath waiting for the school board to take positive action. News reports indicate the board may turn down the state bailout out of fear of losing local control of the district....