Summary: Canadian County Educational Facilities Authority, Oklahoma Canadian County Independent School District; Appropriations; General Obligation

S&P Global Ratings assigned its 'AA-' long-term rating to the Canadian County Educational Facilities Authority, Okla.'s anticipated $19.455 million series 2021 educational facilities lease revenue refunding bonds. At the same time, we affirmed our 'AA' long-term rating on Canadian County Independent School District (ISD) No. 69?s (Mustang) outstanding general obligation (GO) debt and our 'AA-' long-term rating on its outstanding lease revenue bonds. The outlook is negative. The negative outlook reflects S&P Global Ratings' opinion that the district's reserve position will likely fall below its formal reserve policy of maintaining 10% of operating expenditures in reserves. The revenue shortfall for fiscal 2021 is a result of COVID-19 impacts, as the district experienced a decline in enrollment for the start of

...S&P Global Ratings assigned its '##-' long-term rating to the Canadian County Educational Facilities Authority, Okla.'s anticipated $19.455 million series 2021 educational facilities lease revenue refunding bonds. At the same time, we affirmed our '##' long-term rating on Canadian County Independent School District (ISD) No. 69's (Mustang) outstanding general obligation (GO) debt and our '##-' long-term rating on its outstanding lease revenue bonds. The outlook is negative. The negative outlook reflects S&P Global Ratings' opinion that the district's reserve position will likely fall below its formal reserve policy of maintaining 10% of operating expenditures in reserves. The revenue shortfall for fiscal 2021 is a result of COVID-19 impacts, as the district experienced a decline in enrollment for the start of school year 2021, resulting in reduced state funding, which we consider a social risk. The district expects to fall below its reserve policy for fiscal 2021, they expect to increase...

Summary