...S&P Global Ratings assigned its '###' rating to Virginia Public School Authority, Va.'s series 2021A and 2021B (taxable) special obligation school financing and refunding bonds issued for Prince William County. At the same time, we affirmed our '###' long-term rating on the county's existing general obligation (GO) debt and on bonds issued through the Virginia Public School Authority as well as our '##+' long-term rating on the county's existing appropriation backed debt. The outlook is stable. The series 2021A&B 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, secured by revenue from ad valorem taxes, which are unlimited to rate or amount. 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 bonds. Bond proceeds...
