S&P Global Ratings assigned its 'AAA' long-term rating to the Virginia Public School Authority 's $94.77 million series 2025 special obligation school financing bonds, issued for Prince William County . The outlook is stable. The series 2025 bonds are limited obligations of the authority and secured solely by principal and interest payments on the local school bonds issued by the county and held by the authority. The local school bonds are a general obligation of the county, secured by revenue from ad valorem taxes, which are unlimited as to rate or amount. The authority assigned all of its rights to receive payments on the local school bonds to the state treasurer, who will act as paying agent on the bonds.
