S&P Global Ratings assigned its 'AA' long-term rating to Mukwonago Area School District, Wis.' series 2016 general obligation (GO) refunding bonds. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating on the district's outstanding GO debt. The outlook is stable. The 'AA' rating reflects our assessment of the district's: Access to employment opportunities throughout the diverse Milwaukee metropolitan area economy, Very strong median household effective buying income (EBI) and extremely strong per capita market value, and Very strong financial position. Partly offsetting these strengths, in our opinion, is the district's recent history of declining enrollment, which is tied to general fund revenue, notwithstanding net gains from open enrollment and the addition of a four year old kindergarten
