St. Charles County R-V School District (Orchard Farm), MO GO Bonds Assigned Various Ratings

Stocks and Financial Services Press Releases Tuesday May 22, 2018 09:48
CENTENNIAL--22 May--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) May 21, 2018--S&P Global Ratings assigned its 'AA+' long-term program rating and 'AA' underlying rating to St. Charles County R-V School District (Orchard Farm), Mo.'s series 2018 general obligation (GO) bonds. At the same time, we affirmed our 'AA+' long-term rating on the district's outstanding, program-qualified bonds. The outlook is stable.

Proceeds from the series 2018 bonds will be used to construct additions to the district's early learning center and middle schools, to renovate two elementary schools and a high school, and to acquire land for future growth.

The 'AA+' long-term rating reflects our assessment of the district's eligibility for, and participation in, the Missouri Direct Deposit of State Aid program, under which the state makes direct deposits of portions of monthly state aid payments to a bond trustee. The program enhances local school district GO bonds, and provides for a first-dollar claim on monthly state aid, which the district will directly deposit to a trustee.

"The 'AA' underlying rating reflects our view of the district's strong-to-very-strong income levels, extremely strong market value per capita, participation in the broad and diverse St. Louis metropolitan statistical area economy, and strong cash reserves," said S&P Global Ratings credit analyst Katelyn Batesel.

The outlook on the 'AA+' rating reflects our assessment of the strength of the direct deposit structure and moves in tandem with the state GO rating and outlook.

The stable outlook on the underlying rating reflects our expectation that the district will maintain stable operations and strong cash reserves for the foreseeable future. The district's participation in the broad and diverse St. Louis MSA economy provides further stability.

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 S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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