The 'AA' long-term rating assigned to Fayette County School District Finance Corp., Ky.'s series 2010B school building revenue bonds, issued for Fayette County Board of Education, reflects the credit characteristics of the board. The district does not intend on funding a debt service reserve, but has represented to Standard&Poor's Ratings Services that it has a standing appropriation from year to year to fund the payment of debt service (with the appropriation of debt service in place nearly five months in advance of debt service being due). The district intends on paying the debt service with its five-cent per $100 of assessed value levy. Credit characteristics reflecting the district's rating include: A diverse economic base anchored by the University
