...S&P Global Ratings raised its long-term rating to '##-' from 'A+' on Fayette County School District Finance Corp., Ky.'s previously issued appropriation debt, issued for Fayette County Board of Education (the district), based on the district's replenished reserve levels, supported by a formal fund balance policy, and its growing economy that generates tax revenue supporting its operations. At the same time, we assigned our '##-' rating to the district's series 2018A school building revenue bonds. S&P Global Ratings does not have a public ICR on the district. The rating on the appropriation debt is one notch lower than what we view as the general creditworthiness of the district. The outlook is stable. The rating reflects our assessment of the district's: + Participation in a deep and diverse economy anchored by the University of Kentucky; + Strong reserves and a formal fund balance policy calling for 10% of general fund expenditures; + Growing enrollment, which we expect to continue; and...
