APS Bond rating falls.

In a story that could not have been buried deeper, page C2, link, we find that APS's bond rating has been lowered. I would suppose that means APS bonds are less attractive to investors and, taxpayers will pay more interest on the loans.

The leadership of the APS would have voters believe that the lower rating is the result of "... the district's revolving door of chief financial officers and its precipitous decline in cash reserves ..."

Right, that and the fact the a recent audit of the APS Financial Division revealed;

• inadequate financially sound policies and regulations, and
• inadequate accountability to such standards as there were, and
• inadequate record keeping.

Apparently, either the bond rater; Moody's Investors Service doesn't care about conditions which likely precipitated the loss of millions of tax dollars, or nobody bothered to tell them about the Meyners Audit.

The leadership of the APS continues their steadfast refusal to allow an independent review of executive and administrative standards and accountability; and the Journal continues their steadfast refusal to investigate and report upon the ethics and accountability scandal in the leadership of the APS.