Summary: Napa County Office of Education, California; Appropriations

S&P Global Ratings assigned its 'AA-' long-term rating to the Napa County Office of Education (COE), Calif.'s 2021 certificates of participation (COPs). The outlook is stable. The series 2021 COPs represent an interest in lease rental payments made by the Napa County Office of Education, as lessee, to the Public Property Financing Corp. of California, as lessor, for use of the Camille Creek Community School. Payments are subject to abatement if the leased assets are damaged or destroyed, but the COE has covenanted to maintain rental interruption insurance of at least two years, and the properties meet our criteria for seismic risk during the life of the obligations. The COE will have a debt service reserve funded at maximum annual

...S&P Global Ratings assigned its '##-' long-term rating to the Napa County Office of Education (COE), Calif.'s 2021 certificates of participation (COPs). The outlook is stable. The series 2021 COPs represent an interest in lease rental payments made by the Napa County Office of Education, as lessee, to the Public Property Financing Corp. of California, as lessor, for use of the Camille Creek Community School. Payments are subject to abatement if the leased assets are damaged or destroyed, but the COE has covenanted to maintain rental interruption insurance of at least two years, and the properties meet our criteria for seismic risk during the life of the obligations. The COE will have a debt service reserve funded at maximum annual debt service for the series 2021 COPs. We have assigned a rating one notch below our view of the COE's general creditworthiness to take into account the appropriation risk inherent to the lease structure. We understand that the State of California owns the land...

Summary