Holt County R-II School District (Mound City), MO COP Rating Lowered To #A# From #AA+#

Stocks and Financial Services Press Releases Thursday October 19, 2017 09:11
CENTENNIAL--19 Oct--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) Oct. 18, 2017--S&P Global Ratings Services corrected by lowering its long-term rating to 'A' from 'AA+' on the Missouri Assn. of Rural Education's series 2017 lease certificates of participation (COPs) issued for Holt County R-II School District (Mound City).

We incorrectly rated the April 15, 2018 through April 15, 2019 maturities of the COPs 'AA+' based on our understanding that an escrow account composed of U.S. Government securities covered both principal and interest on the COPs through the April 15, 2019 crossover date.

We have determined, however, that as no principal payments will be made during crossover period, lease rental payments from the district in addition to the escrow account are needed to fully cover debt service on the COPs. Accordingly, pursuant to our "Rating Approach To Obligations With Multiple Revenue Streams," published Nov. 29, 2011 on RatingsDirect, we rate the COPs based on the weaker security, which is the district's appropriation pledge.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria.

Please see Ratings Criteria at www.standardandpoors.com for further information.
Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com.
All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.

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