Summary: Stephenson County School District No. 145 (Freeport), Illinois; General Obligation

S&P Global Ratings assigned its 'A+' long-term rating and stable outlook to Stephenson County School District No. 145 (Freeport), Ill.'s series 2018A general obligation (GO) limited school bonds, series 2018B taxable GO limited school bonds, and series 2018C GO taxable capital appreciation limited school bonds and affirmed its 'A+' underlying rating (SPUR), with a stable outlook, on the district's existing GO debt. The rating reflects our opinion of the district's: Local economy based on manufacturing and services; Very strong operating reserves; Stabilizing enrollment, which will help it maintain general state aid during the next few years; and Moderate overall debt with no additional debt plans. We believe these factors are somewhat offset by, what we consider, the district's: Below-average wealth

...S&P Global Ratings assigned its 'A+' long-term rating and stable outlook to Stephenson County School District No. 145 (Freeport), Ill.'s series 2018A general obligation (GO) limited school bonds, series 2018B taxable GO limited school bonds, and series 2018C GO taxable capital appreciation limited school bonds and affirmed its 'A+' underlying rating (SPUR), with a stable outlook, on the district's existing GO debt. The rating reflects our opinion of the district's: + Local economy based on manufacturing and services; + Very strong operating reserves; + Stabilizing enrollment, which will help it maintain general state aid during the next few years; and + Moderate overall debt with no additional debt plans. We believe these factors are somewhat offset by, what we consider, the district's: + Below-average wealth and income, and + Above-average unemployment. Ad valorem debt service levies--unlimited as to rate but limited in amount as to the district's debt-service-extension base (DSEB)--secure...

Summary