...S&P Global Ratings assigned its 'A+' long-term and program ratings and stable outlook to Ceres Unified School District (USD), Calif.'s series 2016 general obligation (GO) crossover refunding bonds. At the same time, S&P Global Ratings affirmed its 'A+' rating, with a stable outlook, on the district's GO debt outstanding, and its 'A' underlying rating on the district's existing certificates of participation (COPs). Management will use the series 2016 bond proceeds to advance-crossover refund a portion of the district's series 2009A and 2009B bonds outstanding. Before the crossover date of Aug. 1, 2018, the series 2016 GO refunding bonds will be secured by proceeds deposited into an escrow fund. We understand the proceeds in the escrow fund will be invested in noncallable federal securities. On and after the crossover date, revenue from unlimited ad valorem taxes levied on taxable property within the district will secure the series 2016 GO bonds. For that reason, the rating reflects the weaker...
