...S&P Global Ratings Services assigned its '##+' long-term rating and 'A+' underlying rating to Bates County R-III School District (Adrian), Mo.'s series 2020 general obligation (GO) school building bonds. At the same time, we affirmed our '##+' long-term rating and 'A+' underlying rating on the district's existing GO debt. The outlook on all ratings is stable. An unlimited-tax GO pledge secures the series 2020 GO school building bonds. Proceeds from the bonds will be used for capital improvements within the district. The long-term rating reflects our assessment of the district's eligibility for, and participation in, the Missouri Direct Deposit of State Aid program. The state credit enhancement rating is one notch below Missouri's GO rating (###/Stable), reflecting our view of: + State aid appropriation risks, which in our view are partially mitigated by strong state support for the program and consistent and well-established state aid funding; + Our expectation that maximum annual debt...
