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Greene County Board of Education, AL 'A' GO Rating Withdrawn On Failure To Provide Adequate Information

DALLAS (S&P Global Ratings) Feb. 1, 2019--S&P Global Ratings withdrew its 'A' 
long-term rating on Greene County Board of Education (BOE), Ala.'s general 
obligation debt, due to the lack of timely information from the board to 
maintain the rating. At the same time, S&P Global Ratings removed the rating 
from CreditWatch, where it had been placed with negative implications Dec. 3, 
2018.

"Without audited financials for fiscal 2017 and information to discern a 
forward-looking view for the economic, financial, management, and debt credit 
factors, we will not have sufficient information to maintain the rating," said 
S&P Global Ratings credit analyst Jennifer Garza. These key criteria factors 
could affect our analysis of general creditworthiness of Greene County BOE.

We rate the warrants under our special-tax-bonds criteria. However, the new 
criteria, which specify a different rating approach to these types of 
obligations, partially supersede the special-tax criteria. Due to the lack of 
sufficient information, we are unable to apply our criteria "Issue Credit 
Ratings Linked To U.S. Public Finance Obligors’ Creditworthiness," (published 
Jan. 22, 2018), which requires analysis of the BOE's general creditworthiness 
and an assessment of fungibility of the board's resources and overall ability 
and willingness to repay the debt. We have been unable to confirm the 
fungibility of resources and nature of the pledged revenue stream securing the 
debt, which we believe could result in a rating one notch below the general 
creditworthiness rating.

The withdrawal of this rating was preceded, in accordance with our policies, 
by any change to the rating that we consider appropriate given available 
information.
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