S&P Global Ratings affirmed its 'A' long-term and underlying rating (SPUR) on Palo Verde Community College District (CCD), Calif.'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 its '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 abate rental payments in the event the leased assets are damaged or destroyed. To mitigate the risk
