Summary: Canadian County Independent School District No. 69 (Mustang), Oklahoma; Appropriations; General Obligation

S&P Global Ratings assigned its 'AA' long-term rating to Canadian County Independent School District (ISD) No. 69 (Mustang), Okla.'s series 2019 combined purpose bonds and building bonds, federally taxable. At the same time, we affirmed our 'AA' long-term rating on the district's outstanding general obligation (GO) debt and our 'AA-' long-term rating on the district's outstanding lease revenue bonds. The outlook is stable. Revenue from the district's unlimited ad valorem tax secures the GO bonds. The district's lease rental payments secure the lease revenue bonds. Revenue for lease payments primarily comes from the district's issuance of GO bonds. We rate these obligations one notch lower than the district's general creditworthiness to account for the appropriation risk associated with the lease

...S&P Global Ratings assigned its '##' long-term rating to Canadian County Independent School District (ISD) No. 69 (Mustang), Okla.'s series 2019 combined purpose bonds and building bonds, federally taxable. At the same time, we affirmed our '##' long-term rating on the district's outstanding general obligation (GO) debt and our '##-' long-term rating on the district's outstanding lease revenue bonds. The outlook is stable. Revenue from the district's unlimited ad valorem tax secures the GO bonds. The district's lease rental payments secure the lease revenue bonds. Revenue for lease payments primarily comes from the district's issuance of GO bonds. We rate these obligations one notch lower than the district's general creditworthiness to account for the appropriation risk associated with the lease payments. The district incorporates the affordability of the lease payments into its long-term plans. We incorporate the affordability and likelihood of the lease payments into our assessment of...

Summary