...S&P Global Ratings assigned its 'A' long-term rating to Oak Grove, Mo.'s roughly $3.5 million series 2021 refunding certificates of participation (COPs). At the same time, we affirmed our 'A+' long-term rating on the city's outstanding general obligation debt and our 'A' long-term rating on its outstanding appropriation debt. The outlook is stable. Lease rental payments by the city, as lessee, to the lessor secure the COPs. We rate the COPs one notch lower than the city's general creditworthiness, as reflected by the GO rating, to account for the annual appropriation risk associated with the lease payments. The city has pledged to include rental payments in its operating budgets, and it considers the affordability of lease payments in long-term plans. We consider the affordability and likelihood of lease payments, reflected in the appropriation rating and our view of the city's general creditworthiness. In our opinion, lease features and terms are standard with no unusual timely debt payment...
