Summary: Platte County R-III School District, Missouri; Appropriations; General Obligation

S&P Global Ratings assigned its 'AA-' long-term rating to Platte County R-III School District, Mo.'s $4.6 million series 2022 leasehold refunding revenue bonds. At the same time, we affirmed our 'AA' ratings on the district's general obligation (GO) school building bonds and our 'AA-' rating on the district's existing leasehold revenue bonds. The outlook is stable. The series 2022 bonds are secured by rental payments of the district pursuant to a lease. Based on our application of "Issue Credit Ratings Linked to U.S. Public Finance Obligors' Creditworthiness" criteria, published Nov. 20, 2019, we rate the series 2022 and existing leasehold revenue bonds is one notch below the GO debt ratings because of annual appropriation risk. Proceeds from the series 2022

...S&P Global Ratings assigned its '##-' long-term rating to Platte County R-III School District, Mo.'s $4.6 million series 2022 leasehold refunding revenue bonds. At the same time, we affirmed our '##' ratings on the district's general obligation (GO) school building bonds and our '##-' rating on the district's existing leasehold revenue bonds. The outlook is stable. The series 2022 bonds are secured by rental payments of the district pursuant to a lease. Based on our application of "Issue Credit Ratings Linked to U.S. Public Finance Obligors' Creditworthiness" criteria, published Nov. 20, 2019, we rate the series 2022 and existing leasehold revenue bonds is one notch below the GO debt ratings because of annual appropriation risk. Proceeds from the series 2022 bonds will be used to refund the district's series 2015 leasehold revenue bonds for interest cost savings. The existing GO bonds are secured by the district's unlimited-tax GO pledge....

Summary