S&P Global Ratings assigned its 'AA+' rating to Johnson County R-III School District (Holden), Mo.'s roughly $4.5 million series 2023 general obligation (GO) refunding bonds. The outlook is stable. Participation in the Missouri Direct Deposit of State Aid program secures the bonds. Officials intend to use series 2023 bond proceeds to refund the series 2019 GO bonds. The rating reflects our assessment of the district's eligibility for, and participation in, the Missouri Direct Deposit of State Aid program. The state credit-enhancement rating is one notch below the Missouri GO rating, reflecting: Our view of state aid appropriation risk, partially mitigated by strong state support for the program and consistent, well-established state aid funding; Our expectation that maximum annual debt service
