S&P Global Ratings assigned its 'AAA' long-term rating to the Virginia Public School Authority's (VPSA) $42.99 million series 2022 special obligation school financing bonds issued on behalf of Prince William County. At the same time, we affirmed our 'AAA' rating on the county's existing general obligation bonds and bonds issued through the VPSA and our 'AA+' rating on the county's existing appropriation debt. The outlook is stable. The series 2022 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
