...S&P Global Ratings assigned its 'A+' long-term rating to Washington County School District No. 15 (Forest Grove), Ore.'s $3.3 million full faith and credit obligations, series 2021. At the same time, S&P Global Ratings affirmed its 'A+' long-term rating and underlying rating on the district's general obligation bonds and full faith and credit bonds outstanding. The outlook is stable. The district's series 2021 and outstanding full faith and credit obligations are limited by constitutional property tax revenue restrictions, including restrictions on an aggregate maximum ratio taxation to market value and annual assessed value (AV) growth of 3% per year excluding new construction. Despite the constitutional limitations, we do not differentiate between the district's limited-tax debt and its general creditworthiness given that the ad valorem tax is not derived from a measurably narrower tax base and there are no limitations on the fungibility of resources, which supports our view of the district's...
