Standard&Poor's Ratings Services assigned its 'A+' rating, and stable outlook, to Canadian County Educational Facilities Authority, Okla.'s series 2009A educational facilities lease-revenue bonds (build America bonds, direct payment) and series 2009B (non-build America bonds, federally taxable) educational facilities lease-revenue bonds, supported by Canadian County Independent School District No. 69 (Mustang Public Schools). The rating reflects: The school district's long-term creditworthiness; and A pledged lease, subject to annual appropriation and annual renewal. We believe the district's long-term creditworthiness reflects its: Inclusion in the diverse Oklahoma City metropolitan statistical area (MSA) regional economy, coupled with sustained strong district property tax base growth; Good general fund reserves, considering the state restricts the amount of reserves the school district can maintain; Limited
