...S&P Global Ratings assigned its 'A-' long-term rating to Campbell City School District, Ohio's series 2019 certificates of participation (COPs). The outlook is stable. We rate the series 2019 COPs one notch lower than the school district's general creditworthiness to reflect the appropriation risk associated with the annual payment. S&P Global Ratings does not have a public issuer credit rating on Campbell City that would reflect the general creditworthiness of the school district. The district's pledge of base rental payments, subject to annual appropriation by the board of education, secures the COPs. Upon the appropriation of base rent by July 1 during each annual renewal period, both the district and the lessor will automatically renew the lease for the successive renewal period. Lease payments and debt service payments are due on Dec. 1 and June 1. In the absence of a debt service reserve, we believe there is sufficient time between the appropriation of funds and the first lease payment....
