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Moody's Investors Service Inc.

Moody's Affirms Twin Rivers Unified School District's Credit Rating with Positive Outlook

Strategic Insights

— 2 min read

Moody's Investors Service has issued a positive outlook on the Twin Rivers Unified School District in California, affirming its A2 issuer rating and A1 rating on its outstanding general obligation unlimited tax (GOULT) bonds. The district's sound financial position, driven by management's prudent fiscal practices, has led to a growing likelihood of maintaining a stable financial position. The district's tax base has seen significant growth, with a tax base of $21.7 billion as of 2025, and enrollment has increased modestly over the last few years, supported by the implementation of the universal transitional kindergarten program and ongoing housing development in the area.

Key Takeaways:

  • Moody's has affirmed the Twin Rivers Unified School District's A2 issuer rating and A1 rating on its outstanding GOULT bonds, with a positive outlook.
  • The district's tax base has grown significantly, reaching $21.7 billion as of 2025, with solid assessed value per capita levels and below median resident income levels.
  • Enrollment has seen modest increases over the last few years, supported by the implementation of the universal transitional kindergarten program and ongoing housing development in the area.
  • Finances have improved over the last few years, supported by one-time funds and management's prudent budgeting.
  • Reserves are expected to remain at sound levels, with management committed to maintaining an unrestricted general fund balance of at least 10%.
  • Despite planned debt issuance, leverage is expected to remain manageable relative to operations.
  • The A1 rating on the district's GOULT bonds reflects the security features of California school district general obligation bonds, including a "lockbox" for pledged property tax collections and a security interest created by statute.

Statistics:

  • The district has approximately $408 million in outstanding GO debt as of fiscal 2024.
  • Enrollment has seen a modest increase, from unknown to 24,849 students over the last few years.
  • Finances have improved, with one-time funds and management's prudent budgeting contributing to the growth of reserves.
  • Reserves are expected to remain at sound levels, with management committed to maintaining an unrestricted general fund balance of at least 10%.
  • Debt issuance is planned, but leverage is expected to remain manageable relative to operations.

Sources:

  • Moody's Investors Service, "Moody's affirms Twin Rivers Unified School District, CA's A2 issuer rating and A1 on rated GOULT bonds; outlook revised to positive," July 2024, [https://ratings.moodys.com/rmc-documents/425431](https://ratings.moodys.com/rmc-documents/425431).
  • Moody's Investors Service, "US K-12 Public School Districts," July 2024, [https://ratings.moodys.com/rmc-documents/425431](https://ratings.moodys.com/rmc-documents/425431).

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