Summary: Jefferson Parish School Board, Louisiana; Sales Tax

S&P Global Ratings assigned its 'AA' rating to Jefferson Parish School Board, La.'s series 2018 0.5% sales tax school bonds, and affirmed its 'AA' rating on the board's parity sales tax debt. At the same time, we affirmed our 'AA' rating on the board's series 2010 sales tax bonds, which are secured by a 0.25% sales tax. The outlook is stable. The rating reflects our opinion of the board's: Service sector-based economy, anchored in retailing, tourism (helped by the parish's access to New Orleans), and health care--these activities have diversified the parish's traditional base in shipbuilding and oil and gas; and Maximum annual debt service (MADS) coverage of 4.59x. The rating is somewhat constrained by what we consider the board's

...S&P Global Ratings assigned its '##' rating to Jefferson Parish School Board, La.'s series 2018 0.5% sales tax school bonds, and affirmed its '##' rating on the board's parity sales tax debt. At the same time, we affirmed our '##' rating on the board's series 2010 sales tax bonds, which are secured by a 0.25% sales tax. The outlook is stable. The rating reflects our opinion of the board's: + Service sector-based economy, anchored in retailing, tourism (helped by the parish's access to New Orleans), and health care--these activities have diversified the parish's traditional base in shipbuilding and oil and gas; and + Maximum annual debt service (MADS) coverage of 4.59x. The rating is somewhat constrained by what we consider the board's 1.33x MADS additional bonds test (ABT). The board's 50% portion of a parish-wide 1% sales and use tax, which the electorate authorized in perpetuity at elections held in 1954 and 1971, secures the series 2018 bonds. The series 2018 bonds are on parity with...

Summary