...S&P Global Ratings assigned its 'A+' issuer credit rating to Stoddard County School District R-XI (Dexter), Mo., and its 'A' long-term rating to the district's series 2019 certificates of participation (COPs). The outlook is stable. Securing the COPs are lease rental payments made by the district, as lessee, to UMB Bank N.A., as lessor and trustee. We rate these obligations one notch lower than the district's general creditworthiness to account for the appropriation risk associated with the lease payments. Our rating reflects the affordability and likelihood of the lease payments as well as our view of the district's general creditworthiness. In our opinion, the lease features and terms are standard with no unusual risks regarding timely payment of debt. The proceeds from the COPs will be used to acquire and install energy conservation improvements throughout the district. The district has maintained stable operations and strong cash reserves for the past several years, and we believe it...
