S&P Global Ratings assigned its 'A+' long-term rating to the Canadian County Educational Facilities Authority, Okla.'s anticipated $101.7 million tax-exempt series 2023A lease revenue bonds and $29.1 million federally taxable series 2023B lease revenue bonds, issued for Canadian County Independent School District (ISD) No. 69 (Mustang). The outlook is stable. The district's lease rental payments secure the lease revenue bonds. Revenue for lease payments primarily comes from the district's issuance of general obligation 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
