...S&P Global Ratings assigned its '##-' long-term rating to Canadian County Independent School District (ISD) No. 69 (Mustang), Okla.'s series 2017 general obligation (GO) combined-purpose bonds. At the same time, we affirmed our '##-' long-term rating on the district's outstanding GO bonds and our 'A+' long-term rating on the Canadian County Educational Facilities Authority's educational facilities lease revenue bonds, supported by the district. The outlook is stable. Revenue from the ISD's unlimited ad valorem tax secures the GO bonds. Bond proceeds will be used to fund various capital improvements throughout the ISD. The district's lease revenue bonds are rated one notch below the GO rating, reflecting the pledge to annually appropriate a sufficient amount of lawfully available revenue from the district's general fund or building fund to make lease rental payments. Officials will use GO bond proceeds to repay lease revenue bonds outstanding, but proceeds of those future GO issues are not...
