Standard&Poor's Ratings Services assigned its 'AA+' program rating and 'AA' underlying rating to Clay County School District No. 74 (North Kansas City), Mo.'s series 2015 general obligation (GO) refunding bonds. Standard&Poor's also affirmed its 'AA+' program rating and 'AA' underlying rating on the district's existing GO debt. The outlook is stable. The 'AA+' rating reflects our view of the district's participation in the Missouri Direct Deposit of State Aid program. Pursuant to the direct deposit agreement, to fund 100% of debt service costs, Missouri will intercept monthly state aid payments allocated to the district. State aid covers maximum annual debt service (MADS) on the program debt by more than 1.5x. The underlying rating reflects our view
