...S&P Global Ratings assigned its 'A+' long-term rating and stable outlook to Ford County Public Building Commission, Kan.'s series 2016A refunding revenue bonds, supported by Ford County, and affirmed its 'A+' long-term rating, with a stable outlook, on the commission's general obligation (GO)-equivalent debt, supported by the county. S&P Global Ratings also affirmed its 'A+' underlying rating (SPUR), with a stable outlook, on the county's GO debt. Annual rental payments that the county agrees to make to the paying agent--payable, but not subject to annual renewal, by the county under the lease--secure the series 2016A revenue bonds and constitute an unconditional obligation of the county. The county must levy ad valorem taxes, if necessary, to pay bond debt service. Furthermore, lease payments are not subject to annual appropriation or termination. Therefore, we do not notch these bonds lower than the rating on the county's GO debt. We understand management will use series 2016A bond proceeds...
