S&P Global Ratings assigned its 'A-' long-term rating to Palo Verde Community College District (CCD), Calif.'s 2016 refunding certificates of participation (COPs). At the same time, we affirmed our 'A' underlying rating (SPUR) on the CCD's and the Palo Verde Community College District School Finance Improvement District (SFID) No. 2004-1's existing general obligation (GO) bonds, as well as our 'A-' long-term rating and SPUR on the district's outstanding COPs. The outlook on all ratings is stable. The COPs represent an interest in lease payments made by the district, as lessee, to the Public Property Financing Corp. of California, as lessor, for the use and possession of Palo Verde College as the leased asset. Under the lease agreement, the district can
