The 'AA+' rating on Clay County School District No. 74 (North Kansas), Mo.'s GO bonds reflects the direct deposit of portions of monthly state aid by the state to a bond trustee. State aid covers maximum annual debt service more than 1.5 times (x). The 'AA-' Standard&Poor's underlying rating (SPUR) on the school district's bonds reflects the district's: Participation in the Kansas City, Mo. area economy; Strong financial performance; and Moderate debt burden. The tax base's moderate concentration is an offsetting credit characteristic. The district is primarily in Clay County with its 113,000 residents accounting for two-thirds of the county's population. The district includes about one-quarter of Kansas City, as well as North Kansas City; Gladstone, Mo.; and
