...Standard & Poor's Ratings Services assigned its '##+' program rating to Cass County School District R-III (Pleasant Hill), Mo.'s series 2015 general obligation (GO) refunding bonds. At the same time, we affirmed our '##+' program rating on the district's previously issued GO bonds. The outlook is stable. The '##+' rating reflects our view of the school district's eligibility for, and participation in, the Missouri Direct Deposit of State Aid program, under which the state makes direct deposits of portions of monthly state aid payments to a bond trustee. The program enhances local school district GO bonds and provides for a first-dollar claim on monthly state aid, which the district will directly deposit to a master bond trustee. State aid covers program maximum annual debt service (MADS) at a minimum of 1.5x. The district has entered into an irrevocable direct deposit agreement with the state treasurer, Department of Elementary and Secondary Education, Health and Educational Facilities...
