Standard&Poor's Ratings Services assigned its 'AA+' enhanced rating and 'AA' issuer credit rating (ICR) to Clay County School District No. 74 (North Kansas City), Mo.'s series 2011 general obligation (GO) refunding bonds. The outlook is stable. At the same time, we affirmed the 'AA+' program rating and 'AA' ICR on the district's GO debt outstanding. The 'AA+' rating reflects the district's participation in the Missouri Direct Deposit Program. Ad valorem taxes levied without limitation on all taxable property within the district secure the bonds. Pursuant to the direct deposit agreement, the state of Missouri will intercept monthly state aid payments that are allocated to the district in amounts to fund 100% of debt service costs. State aid covers
