Summary: Encinitas Union School District, California; General Obligation

S&P Global Ratings affirmed its 'AA+' long-term rating to Encinitas Union School District (San Diego County), Calif.'s $2.44 million 2020A general obligation (GO) refunding bonds and $22.465 million 2020B GO refunding bonds. At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating on the district's outstanding GO bonds. The outlook is stable. We have determined that when assigning our ratings to the district's series 2020A and 2020B refunding GO bonds (see the report published Sept. 14, 2020, on RatingsDirect) we misapplied criteria. Specifically, we failed to apply our "Assigning Ratings To Bonds In The U.S. Based On Escrowed Collateral" criteria. These criteria applies because an escrow comprised of State and Local Government (SLGS) Treasury securities secures interest payments

...S&P Global Ratings affirmed its '##+' long-term rating to Encinitas Union School District (San Diego County), Calif.'s $2.44 million 2020A general obligation (GO) refunding bonds and $22.465 million 2020B GO refunding bonds. At the same time, S&P Global Ratings affirmed its '##+' long-term rating on the district's outstanding GO bonds. The outlook is stable. We have determined that when assigning our ratings to the district's series 2020A and 2020B refunding GO bonds (see the report published Sept. 14, 2020, on RatingsDirect) we misapplied criteria. Specifically, we failed to apply our "Assigning Ratings To Bonds In The U.S. Based On Escrowed Collateral" criteria. These criteria applies because an escrow comprised of State and Local Government (SLGS) Treasury securities secures interest payments on the series 2020A GO refunding bonds up to the crossover date of Aug. 1, 2022, and secures interest payments on the series 2020B GO refunding bonds up to the crossover date of Aug. 1, 2025. Thereafter,...

Summary