S&P Global Ratings assigned its 'A' long-term rating to Ceres Unified School District , Calif.'s anticipated $27.8 million certificates of participation (COPs). At the same time, S&P Global Ratings affirmed its 'A+' long-term rating and underlying rating (SPUR) on the district's existing GO debt and its 'A' SPUR on the district's outstanding COPs. The outlook is stable. The 2026 COPs represent an interest in the district's annual base rental payments under a lease-purchase agreement with the Ceres Unified School District Financing Corp. for use of the fully constructed leased asset. The district has covenanted to budget and appropriate rental payments annually to meet its obligations under the lease agreement supporting the COPs. In our view, the lease features and terms
