Business Services Industry
S&P Rts Carroll Cty Sch Dist,KY/Carroll Cnty Sch Dist
Business Wire, July 25, 1997
NEW YORK--(BUSINESS WIRE)-- Standard & Poor's CreditWire 7/25/97 -- Standard & Poor's today has assigned its single-`A' rating to Carroll County School District Financial Corp., Ky.'s school building revenue bonds series 1997, issued for Carroll County School District, Ky.
Additionally, Standard & Poor's has affirmed its single-`A' rating on the corporation's single-`A' school building revenue bonds series 1991 dated July 1, 1991 due July 1, 2010, issued for the school district.
The outlook is stable.
The rating is based upon the requirement for the state to withhold appropriated state aid if a school district is unable to meet its debt service requirements.
Also reflected in the rating are the biennial appropriation for school aid and the state's historically strong support for education financing. The withholding statute covers all school general obligation and lease rental-secured bonds. Current annual state aid to the school district covers the district's maximum annual payments for debt service by at least 2.0 times.
OUTLOOK: Stable.
The outlook reflects the strength of the state aid intercept structure. -- CreditWire
CONTACT: James Fielding, 212/208-1139
Kin Wong, 212/208-1180
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