S&P Global Ratings assigned its 'AA-' long-term rating to Fayette County School District Finance Corp., Ky.'s anticipated $37.515 million series 2023A school building revenue bonds, issued on behalf of the Board of Education of Fayette County (the district). The outlook is stable. The bonds are secured by lease rental payments made by the Board of Education of Fayette County, as lessee, to the Fayette County School District Finance Corp., as lessor. We rate these bonds one notch lower than the district's general creditworthiness to account for the appropriation risk associated with the lease payments. The district has pledged its best efforts to seek appropriations annually out of its operating budget and has considered the affordability of the lease payments in
