S&P Global Ratings assigned its 'A+' long-term rating to Stephenson County School District No. 145 (Freeport), Ill.'s $7.3 million series 2023A general obligation (GO) limited-tax school bonds, and $1.6 million series 2023B GO limited-tax refunding school bonds. At the same time, S&P Global Ratings affirmed its 'A+' rating on the district's existing GO debt. The outlook on all ratings is stable. The bonds are secured by an ad valorem property tax levy that is unlimited as to rate but limited as to amount, based on the district's debt service extension base (DSEB). Debt service on the 2023 bonds is within the existing DSEB, assuming no growth. Although the bonds are secured by a limited tax, we rate them to be
