...Standard & Poor's Ratings Services assigned its '##' long-term rating to Platte County R-III School District, Mo.'s series 2016 general obligation (GO) school refunding bonds. At the same time, Standard & Poor's affirmed its '##-' long-term rating on the district's leasehold revenue bonds outstanding and its '##' long-term rating and underlying rating (SPUR) on the district's previously issued GO debt. The outlook is stable. The leasehold revenue bonds represent an interest in lease rental payments under lease agreements and trust indentures, which are subject to annual appropriation. The district has pledged to appropriate lease rental payments annually during its budget approval process. There will be no debt service reserve funded for the bonds, but lease payment dates are scheduled to occur more than three months after the fiscal year end, providing what we consider ample cushion to accommodate a delayed budget passage. The lease is triple net, absolute, and unconditional, and is not...
