...S&P Global Ratings assigned its '##+' program rating, with a stable outlook, to Stoddard County R-XI School District (Dexter), Mo.'s series 2020A general obligation (GO) refunding bonds. At the same time, we affirmed our long-term '##+' program rating, with a stable outlook, on the district's outstanding bonds. The long-term rating reflects our assessment of the district's eligibility for, and participation in, the Missouri Direct Deposit of State Aid program. The state credit enhancement rating is one notch below the Missouri GO rating (###/Stable), reflecting our view of: + State aid appropriation risks, which in our view are partially mitigated by strong state support for the program and consistent and well-established state aid funding; + Our expectation that maximum annual debt service (MADS) coverage on all parity debt by state aid payments, currently 3.8x, will continue to be strong; and + Our view that the flow of state aid distributions and debt service payment dates result in...
