S&P Global Ratings assigned its 'AA' long-term rating to Mukwonago Area School District, Wis.' series 2016 general obligation (GO) promissory notes. 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; Extremely strong per capita market value; and Very strong available fund balance. Offsetting these characteristics are the district's per capita incomes, which while strong, are lower than higher-rated districts. The notes are secured by the district's ad valorem property tax GO full faith and credit pledge, without limitation as to rate or amount, pursuant to a voter-approved
