S&P Global Ratings affirmed its 'AA' rating and stable outlook on Ballston Spa Central School District (CSD), N.Y.'s general obligation (GO) school district bonds. The district's faith-and-credit pledge secures the bonds. We expect that, following several years of planned draws on reserves for capital projects, Ballston Spa CSD will stabilize and add to reserves starting in fiscal 2021. The district's strong to very strong economic metrics and strong management team further support its strong credit quality. New economic development, especially around the GlobalFoundries semiconductor facility, should provide additional stability to the rating. We view positively the district's high reliance on property taxes, which we consider less economically sensitive. Debt is currently low and voters recently approved setting up another reserve
