...S&P Global Ratings assigned its '###' long-term rating to the Virginia Public School Authority's series 2020 special obligation school financing bonds issued on behalf of Prince William County. At the same time, S&P Global Ratings assigned its '##+' long term rating to the Industrial Development Authority of the County of Prince William's series 2020A facilities revenue and refunding bonds (court facilities projects) based on the county's appropriation obligation. The outlook is stable. The series 2020 special obligation bonds are an obligation of the county and secured by revenue it collects from ad valorem taxes, which are unlimited as to rate or amount. Bond proceeds will fund various capital school improvement projects. The series 2020A facilities revenue and refunding bonds are secured by basic payments equal to debt service made by Prince William County under the installment purchase contract with the authority. Although basic payments are subject to annual appropriation, the county...
