...S&P Global Ratings assigned its '##-' long-term and underlying ratings to Saranac Lake Central School District (CSD), N.Y.'s series 2019 general obligation (GO) school district bonds and affirmed its '##-' underlying rating on the district's GO debt. The outlook is stable. The district's faith-and-credit pledge secures the bonds. Officials intend to use series 2019 bonds to permanently finance outstanding bond anticipation notes originally issued to fund various district capital projects. The district's local, tourism-based economy has been stable, with incremental growth in market and assessed values over the past several years. However, income metrics remain below those of higher-rated peers. In addition, while the pension plans are well-funded, the large other postemployment benefits (OPEB) liability relative to the budget is a credit weakness, in our view. Management has adjusted its revenue and expenditure assumptions over the past several years, resulting in increasing fund balances;...
