...S&P Global Ratings assigned its 'A+' long-term rating to West Fargo Park District Building Authority, N.D.'s series 2018A lease revenue bonds, issued on behalf of the West Fargo Park District. At the same time, we affirmed our '##-' long-term rating on the district's existing general obligation (GO) debt, and our 'A+' long-term rating on its existing appropriation debt. The outlook is stable. The bonds are secured by lease rental payments made by the district, as lessee, to the authority, as lessor. We rate these obligations one notch lower than the district's general creditworthiness (as reflected in the GO rating) to account for the appropriation risk associated with the lease payment. The district has pledged its best efforts to seek appropriations annually out of its operating budget, and has considered the affordability of the lease payment in its long-term plans. We considered the affordability and likelihood of the lease payment which is reflected in the (appropriation) rating and...
