Summary: Spring Valley School District, Wisconsin; General Obligation

S&P Global Ratings assigned its 'AA-' long-term rating to Spring Valley School District, Wis.' general obligation (GO) refunding bonds dated Aug. 7, 2019. The outlook is stable. An unlimited-tax GO pledge secures the payment of debt service on the bonds. Bond proceeds will repay a bond anticipation note authorized by referendum election April 2, 2019, to finance the building of an elementary school, tearing down of the current elementary school, and relocation of the softball field occupying the site of the new school. This debt, approved at $22.8 million, is the district's only debt outstanding. With no additional debt plans, we believe the debt burden is at a high point and will moderate. Mitigating this are a stable, albeit limited,

...S&P Global Ratings assigned its '##-' long-term rating to Spring Valley School District, Wis.' general obligation (GO) refunding bonds dated Aug. 7, 2019. The outlook is stable. An unlimited-tax GO pledge secures the payment of debt service on the bonds. Bond proceeds will repay a bond anticipation note authorized by referendum election April 2, 2019, to finance the building of an elementary school, tearing down of the current elementary school, and relocation of the softball field occupying the site of the new school. This debt, approved at $22.8 million, is the district's only debt outstanding. With no additional debt plans, we believe the debt burden is at a high point and will moderate. Mitigating this are a stable, albeit limited, local economy that benefits from access to the Twin Cities; very healthy general and capital fund reserves; and a forward-looking management team that has exhibited financial competence through historical surpluses. The rating reflects our view of the district's:...

Summary