S&P Global Ratings assigned its 'AA+' long-term rating to Monarch Fire Protection District, Mo.'s $12 million series 2020 general obligation (GO) bonds. The outlook is stable. Revenue from an unlimited ad valorem tax on all taxable property in the district secures the bonds. The bond proceeds will be used to pay a portion of the costs of replacing Fire House Nos. 2 and 3 and a 78-foot straight ladder truck. The district is situated in a very strong and historically growing economy in the St. Louis suburbs. Consecutive surplus operations from a growing tax base and conservative budgeting practices resulted in a very strong and sizable fund balance near $24 million. Its overall net debt burden is low-to-moderate and is
