Summary: Ceres Unified School District, California; Appropriations; General Obligation

S&P Global Ratings assigned its 'A' long-term rating to Ceres Unified School District, Calif.'s anticipated $9 million series 2020 refunding certificates of participation (COPs). At the same time, S&P Global Ratings affirmed its 'A+' long-term rating on the district's general obligation (GO) debt outstanding, and its 'A' rating on the district's COPs outstanding. The outlook is stable. The district's COPs outstanding represent an interest in lease rental payments by the district, as lessee, to the Ceres Unified School District Financing Corp., as lessor, for use of the La Rosa Elementary School site. Payments, which are governed by a master lease agreement, as amended, are subject to abatement in the event of damage or destruction of the leased assets, but the

...S&P Global Ratings assigned its 'A' long-term rating to Ceres Unified School District, Calif.'s anticipated $9 million series 2020 refunding certificates of participation (COPs). At the same time, S&P Global Ratings affirmed its 'A+' long-term rating on the district's general obligation (GO) debt outstanding, and its 'A' rating on the district's COPs outstanding. The outlook is stable. The district's COPs outstanding represent an interest in lease rental payments by the district, as lessee, to the Ceres Unified School District Financing Corp., as lessor, for use of the La Rosa Elementary School site. Payments, which are governed by a master lease agreement, as amended, are subject to abatement in the event of damage or destruction of the leased assets, but the district has covenanted to maintain rental-interruption insurance of at least two years, and the properties meet our criteria for seismic risk during the life of the obligations. The district covenants to make payments on Dec. 1 and...

Summary