S&P Global Ratings assigned its 'A' issuer credit rating (ICR) to Vernon County R-V School District (Nevada), Mo., and its 'A-' long-term rating to the district's $5.75 million series 2024 lease certificates of participation (COPs). The outlook is stable. The ICR is based on the district's general creditworthiness. The certificates are secured by lease rental payments by the district, as lessee, to BOKF N.A., as lessor. We rate the COPs one notch lower than the ICR to account for the appropriation risk associated with the lease payment. The district has pledged its best efforts to seek appropriations annually from its operating budget, including plans to use funding sources available in the district's classroom trust funds or, if required, a 7%
