...S&P Global Ratings affirmed its '###' underlying rating on Laurel Highlands School District, Pa.'s previously issued general obligation (GO) debt and on the Fayette County Vocational-Technical School Authority's series 2019 school lease revenue bonds, issued for Fayette County Career & Technical Institute. The outlook is negative. The district's full faith and credit secures the bonds. The Act 1 Index under Pennsylvania commonwealth statute restricts a district's ability to raise the tax levy higher than a certain index, set by the Pennsylvania Department of Education. Certain series of the district's GO debt are not subject to the index, and other series of previously issued debt are. However, pledged property taxes are collected from the district's entire tax base and we see no limitations on the fungibility of resources available to pay debt service. Therefore, we rate the district's limited-tax GO debt at the same level as our view of the district's general creditworthiness. Fayette...
