...S&P Global Ratings assigned its '##-' long-term rating to West Contra Costa Unified School District, Calif.'s 2017 general obligation (GO) refunding bonds, series A-1 (tax exempt) and series A-2 (federally taxable 2019 crossover). At the same time, S&P Global Ratings affirmed its '##-' long-term rating and underlying rating (SPUR) on the district's GO debt outstanding. The outlook is stable. Revenue from unlimited ad valorem taxes levied on property within the district secures the series A-1 bonds. The Contra Costa County Board of Supervisors has the power and obligation to levy these taxes at the district's request for the bonds' repayment. Proceeds from the series A-1 bonds will be used to refund the district's election of 2005, series B, bonds outstanding. We understand management intends to use the series A-2 refunding bond proceeds to advance crossover refund the district's 2009 series C-2, election of 2005, GO bonds outstanding. Prior to the crossover date of Aug. 1, 2019, the 2017...
