The 'AA-' rating on Fayette County School District Finance Corp., Ky.'s school building refunding revenue bonds series 2004A, issued for Fayette County Board of Education, is based on the district's underlying credit quality, characterized by the following: A diverse economic base anchored by the University of Kentucky; Market valuation that exceeds $70,000 per capita; Sound financial management; and Moderate overall debt levels. Lease rental payments that are subject to annual appropriation from the school district secure the bonds. In addition, the commonwealth is required to withhold appropriated education aid, if a school district is unable to meet its debt service requirements. The University of Kentucky anchors the Lexington-Fayette MSA economy. Although the economy is focused on services and trade, manufacturers
