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BRIEF-Moody's says Dallas County Schools' inability to restructure debt & issue notes led to default
June 9, 2017 / 4:50 PM / 4 months ago

BRIEF-Moody's says Dallas County Schools' inability to restructure debt & issue notes led to default

June 9 (Reuters) - Moody‘s:

* Moody’s - Dallas County Schools’ inability to restructure debt & issue notes led to default

* Moody’s on ‍dallas County Schools - Dissolution is risk for promissory note holders, but benefit for GOLT bondholders

* Moody’s on ‍dallas County Schools - Dissolution is a benefit for GOLT bondholders as terms of dissolution would allow full/near full recovery for GOLT debt‍​

* Moody’s on Dallas County Schools - Currently district has few options to raise additional cash for operations

* Moody’s on Dallas County Schools - Given potential dissolution, expect continued difficulty for district to access capital markets for cash flow or tans

* Moody’s on ‍dallas County Schools - while fiscal 2018 property tax revenues will be sufficient to cover GOLT debt service, operating costs will continue to compete for the revenues

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