TUCSON, AZ (Tucson News Now) - It's another vote of confidence for Pima Community College as it assumes new leadership: Standard & Poor's is affirming the College's AA bond rating.
The AA rating is the third-highest rating awarded by the bond agency; PCC says only 11 percent of U.S. municipalities have earned the higher ratings of AA+ or AAA.
PCC is currently in a transition to new chancellor Dr. Lee Lambert, who official starts work next month. It is also working to overcome academic probation from the Higher Learning Commission, which found problems with the college's leadership.
Those problems have not affected PCC's finances, according to Standard & Poor's. It cited the College's "strong historical and projected financial operations" and "low debt levels." It noted that the College has a "large and diverse tax base" and "financial operations remain strong in Standard & Poor's view."
In May, Moody's also re-affirmed its own bond rating for PCC, which is the second-highest possible.