Summary: Fayette County School District Finance Corp., Kentucky Fayette County Board of Education; Appropriations; General Obligation

S&P Global Ratings assigned its 'AA-' long-term rating to Fayette County School District Finance Corp., Ky.'s district's series 2019A school building revenue bonds and affirmed its 'AA-' rating on previously issued appropriation debt, issued for Fayette County Board of Education (the district). The outlook is stable. S&P Global Ratings does not have an issuer credit rating on the district. The rating on the appropriation debt is one notch lower than what we view as the district's general creditworthiness. 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

...S&P Global Ratings assigned its '##-' long-term rating to Fayette County School District Finance Corp., Ky.'s district's series 2019A school building revenue bonds and affirmed its '##-' rating on previously issued appropriation debt, issued for Fayette County Board of Education (the district). The outlook is stable. S&P Global Ratings does not have an issuer credit rating on the district. The rating on the appropriation debt is one notch lower than what we view as the district's general creditworthiness. 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 + Moderate per capita debt burden, which we expect will remain moderate despite future capital needs. Tempering the aforementioned strengths is our view of the district's large pension burden, amid...

Summary