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PHOENIX (AP) — A top national bond ratings firm calls the passage of propositions 123 and 124 "credit positives" for Arizona and its school districts.
Moody's Investors Services said in credit outlook report Monday that Proposition 123's boost in school funding is a positive for districts because it increases their state funding by about 3½ percent. The analysis doesn't change credit ratings Moody's to district bonds and the company noted Arizona will remain 48th out of 50 states for per-pupil funding.
Proposition 123 boosts withdrawals from the state land trust and adds general fund money to boost funding by $3.5 billion over 10 years.
Proposition 124 lowered cost-of-living adjustments for police and fire pensions and also was a credit positive for state and local governments. That's because it replaces more expensive yearly increases.
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