...Standard & Poor's Ratings Services assigned its '###' rating to Virginia Public School Authority, Va.'s series 2016 special obligation school financing and refunding bonds issued for Prince William County. At the same time, we affirmed our '###' rating on the county's outstanding general obligation (GO) bonds and our '##+' rating on its outstanding appropriation backed debt. The outlook is stable. The series 2016 bonds are limited obligations of the authority and secured solely by principal and interest payments on the local school bonds issued by the county and held by the authority. The local school bonds are a general obligation of the county. The authority assigned all of its rights to receive payments on the local school bonds to the state treasurer, who will act as paying agent on the 2016 bonds. The county's unlimited property taxes secure the bonds. The certificates of participation (COPs) are payable solely from lease payments made by the county. The lease payments made pursuant...
