Fitch: BISD must show proof of money for bond rating

A day after Beaumont ISD officials sought to reassure the public that it is correcting its financial books, a major rating agency said it could withdraw BISD's bond rating if it does not receive proof the district has adequate funds.

Fitch Ratings also isn't happy school district officials didn't disclose everything about the Texas Education Agency's inquiry.

Fitch downgraded the district's bond rating by three notches Monday, less than two weeks after Moody's Investors Service lowered its rating of BISD by two grades.

Fitch attributed the lower rating to "significant gaps in internal control and financial management practices" revealed by the FBI's ongoing embezzlement investigation, according to a news release.

Read more in Wednesday's Beaumont Enterprise.

BCrum@BeaumontEnterprise.com

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