S&P Global Ratings assigned its 'AA+' long-term rating to Clay County School District No. 74 (North Kansas City), Mo.'s $60 million series 2021 general obligation (GO) improvement bonds. The outlook is stable. The bond proceeds will be used to finance land acquisition and various capital improvements and purchases. The long-term rating reflects our assessment of the district's eligibility for, and participation in, the Missouri Direct Deposit of State Aid program. The state credit enhancement rating is one notch below the Missouri GO rating (AAA/Stable), reflecting: Our view of state aid appropriation risks, which are partly mitigated by strong state support for the program and consistent and well-established state aid funding; Our expectation that maximum annual debt service coverage on all
