S&P Global Ratings assigned its 'AA-' long-term rating to University of Kentucky's (UK) $25.05 million series 2019A tax-exempt and $7.33 million series 2019B taxable certificates of participation (COP) issued for the University of Kentucky mixed-use parking project. In addition, S&P Global Ratings affirmed its 'AA' long-term rating on UK's outstanding general receipts bonds totaling $1.20 billion. The outlook is stable on all rated issues. The rating on the COP's reflects UK's subordinated pledge of general receipts, i.e. a one-notch adjustment from UK's senior secured debt, on its obligation as lessee to make base rent payments pursuant to a facilities lease agreement with Signet KY RE, LLC (Signet; lessor and holder of lease-hold interest in land underlying project from ground lease
