Standard&Poor's Ratings Services has assigned its 'AA' rating to Fayette County School District Finance Corp.'s, Ky. 2010A school building refunding revenue tax-exempt bonds, issued for the Fayette County Board of Education. The rating reflects the credit characteristics of the board. The district does not intend on funding a debt service reserve, but plans to appropriate annual debt service payments at least three months in advance of the bonds coming due. The district intends on paying the debt service with its five-cent per $100 of assessed value levy. In our view, credit characteristics reflecting the rating include: A diverse economic base anchored by the University of Kentucky, Good tax base growth, Strong financial position, and Low overall debt levels.
