Standard&Poor's Ratings Services affirmed its 'A+' long-term rating on Cleveland County Public Facilities Authority, Okla.'s educational facilities lease revenue bonds, supported by the Moore Norman Technology Center School District No. 17. The outlook is stable. The rating reflects: The long-term creditworthiness of the school district; and A pledged lease subject to annual appropriation. In addition, we believe that the long-term creditworthiness of the district is reflected in the: Strong and stable economic base that is centered around the University of Oklahoma; Historically strong financial position, as evidenced by reserves in excess of 16% of expenditures; and Very low direct debt burden, coupled with rapid amortization of principal. We believe the rating is constrained by: State statues limiting financial
