...S&P Global Ratings affirmed its '###' long-term rating on the state of Missouri's general obligation (GO) bonds outstanding, and its '##+' rating on the state's appropriation debt outstanding. The appropriation debt rating is based on the application of S&P Global Ratings' "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" criteria (published Jan. 22, 2018, on Ratings Direct). The outlook is stable. Missouri's GO debt outstanding are secured by the state's full faith and credit pledge. The state's outstanding certificates of participation, leasehold revenue bonds, and other special obligation bonds are subject to annual appropriation by the Missouri legislature to various board and authorities. Therefore, we rate these obligations one notch lower than the state's general creditworthiness to reflect the appropriation risk associated with the annual payment. In our view the state, acting through the Missouri Office of Administration has covenanted and agrees seek...
