...S&P Global Ratings assigned its '##-' long-term rating to Fayette County School District Finance Corp., Ky.'s $21.575 million series 2020B school building revenue bonds and $33.025 million series 2020C taxable school building refunding revenue bonds, issued for Fayette County Board of Education (the district). The outlook is stable. The 2020B and 2020C 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 the affordability of the lease payments in its long-term plans. The district does not intend to fund a debt service reserve, but it has...
