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 anticipated $42.080 million series 2021A school building refunding revenue bonds and anticipated $34.180 million series 2021B taxable school building refunding revenue bonds, both issued for Fayette County Board of Education (the district), and affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the district's existing debt. The outlook is stable. The 2021A and 2021B bonds, as well as previously issued appropriation bonds, are secured by lease rental payments from the district, as lessee, to the corporation, as lessor. 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

...S&P Global Ratings assigned its '##-' long-term rating to Fayette County School District Finance Corp., Ky.'s anticipated $42.080 million series 2021A school building refunding revenue bonds and anticipated $34.180 million series 2021B taxable school building refunding revenue bonds, both issued for Fayette County Board of Education (the district), and affirmed its '##-' long-term rating and underlying rating (SPUR) on the district's existing debt. The outlook is stable. The 2021A and 2021B bonds, as well as previously issued appropriation bonds, are secured by lease rental payments from the district, as lessee, to the corporation, as lessor. 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 to account for the appropriation risk associated with the lease payments. The district appropriates the debt annually out of its operating budget, and has considered...

Summary