...S&P Global Ratings assigned its '##+' long-term rating and 'A+' underlying rating to Johnson County School District R-VI (Warrensburg), Mo.'s series 2019 general obligation (GO) refunding bonds. At the same time, we affirmed our 'A+' underlying rating and '##+' program rating on the district's existing GO debt. The outlook is stable. The bonds are general obligations of the district and are secured by revenue from an unlimited ad valorem tax levied upon all taxable property within the district. The series 2019 bond proceeds will be used to refund debt outstanding for an expected net present value savings. The rating is based on our view of the district's stable local economy, which benefits from the stabilizing presence of Whiteman Air Force Base and the University of Central Missouri. This stability has resulted in steady tax base growth and generally growing enrollment, which have largely resulted in surplus operating fund results. While the district's reserves remain below the board's...
