Standard&Poor's Ratings Services assigned its 'AA-' rating to Fayette County School District Finance Corp., Ky.'s school building refunding revenue bonds, series 2005A, supported by Fayette County Board of Education, and affirmed its 'AA-' rating and 'AA-' underlying rating (SPUR) on the district's outstanding debt. The 'AA-' rating is based on the district's underlying credit quality, characterized by the following factors: A diverse economic base anchored by the University of Kentucky; Market valuation that exceeds $80,000 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
