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Committee OKs moving forward with S&P Global Ratings engagement step
Summary
The committee reviewed and agreed to place on consent a request to authorize the general manager to execute an engagement agreement with S&P Global Ratings to begin a two-step public credit rating process; staff said the district will return later for the actual rating engagement.
The Chair opened discussion of an engagement agreement to begin a public credit rating review with S&P Global Ratings and asked if there were questions. Committee members discussed that the proposed contract is confidential and that this engagement is the first step in a two-step process toward securing a public credit rating.
A committee member said the rating evaluation service in the proposed agreement is "the 1st step" in the district's public credit rating effort and that municipal advisers Ken Bendiker and Dan Becker had been consulted. "This is step 1 of that," the committee member said (SEG 065). Staff said if the district needs an additional engagement later they would return to the committee and the board. The item was described as suitable for consent at the committee level and would return to the full board as needed.
