S&P Global Ratings assigned its 'SP-1+' rating to Eastport-South Manor Central School District (CSD), N.Y.'s series 2023B $25 million bond anticipation notes (BANs). At the same time, we affirmed our 'AA-' rating on the district's general obligation (GO) debt outstanding and our 'SP-1+' rating on its BANs outstanding. The outlook is stable. The district's faith and credit secures the BANs. The proceeds will be used to finance district building-related capital projects and improvements. As part of this issuance, the district is also issuing $18.2 million tax anticipation notes (TANs), which we do not rate. The short-term rating reflects our criteria for evaluating and rating BANs. In our opinion, the district's market risk profile is low because it has strong legal
