...S&P Global Ratings assigned its '##-' long-term rating to Jefferson County School District Finance Corp., Ky.'s series 2019A school building revenue bonds, issued for the Jefferson County Board of Education (the district). At the same time, we affirmed our '##-' long-term rating and underlying rating (SPUR) on the corporation's existing appropriation debt issued on behalf of the district, and our '##' issuer credit rating (ICR) on the district. The outlook is stable. The bonds are secured by lease rental payments made by the Jefferson County Board of Education, as lessee, to the Jefferson County School District Finance Corp., as lessor. We rate this, as well as the district's outstanding lease obligations, one notch lower than the district's general creditworthiness (as reflected in its ICR) to account for the appropriation risk associated with the lease payment. The district has pledged its best efforts to seek appropriations annually out of its operating budget, and has considered the...
