Summary: Virginia Public School Authority Prince William County; Appropriations; General Obligation

S&P Global Ratings assigned its 'AAA' rating and stable outlook to Virginia Public School Authority, Va.'s series 2017 special obligation school financing and refunding bonds, issued for Prince William County. At the same time, S&P Global Ratings affirmed its 'AAA' rating on the county's general obligation (GO) bonds outstanding and its 'AA+' rating on the county's appropriation-backed debt outstanding. The outlook is stable. The series 2017 bonds are secured solely by principal and interest payments on the local school bonds issued by the county and held by the authority. The local school bonds are a general obligation of the county. The authority assigned all of its rights to receive payments on the local school bonds to the state treasurer, who

...S&P Global Ratings assigned its '###' rating and stable outlook to Virginia Public School Authority, Va.'s series 2017 special obligation school financing and refunding bonds, issued for Prince William County. At the same time, S&P Global Ratings affirmed its '###' rating on the county's general obligation (GO) bonds outstanding and its '##+' rating on the county's appropriation-backed debt outstanding. The outlook is stable. The series 2017 bonds are secured solely by principal and interest payments on the local school bonds issued by the county and held by the authority. The local school bonds are a general obligation of the county. The authority assigned all of its rights to receive payments on the local school bonds to the state treasurer, who will act as paying agent on the 2017 bonds. The county's unlimited property taxes secure the bonds. We understand Prince William County will use bond proceeds to finance various school-related capital improvements projects. The county's certificates...

Summary