Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Fayette County School District Finance Corp., Ky.'s series 2011B school building revenue bonds, issued for Fayette County Board of Education. At the same time, Standard&Poor's affirmed its 'AA' ratings on the district's existing debt. The rating reflects our opinion that the district: Serves a deep and diverse economy anchored by the University of Kentucky, and Has a strong financial position with good management and low debt levels. Lease rental payments from the school, subject to annual appropriation, secure the bonds. The district will use bond proceeds to refund the district's series 2003A bonds outstanding for interest-cost savings. The district's economic profile has remained strong, in our opinion.
