St. Clair County School District No. 181, IL Series 2020 General Obligation Bonds Assigned 'A+' Rating

CHICAGO (S&P Global Ratings) March 25, 2020--S&P Global Ratings has assigned its 'A+' long-term rating to St. Clair County School District No. 181 (Signal Hill), Ill.'s series 2020 general obligation (GO) bonds. The outlook is stable.
The bonds are secured by the district's unlimited ad valorem tax pledge. Bonds proceeds will be used to refund the district's series 2013 bonds and fund capital projects related to fire prevention construction and life safety improvements to existing buildings.
"The rating reflects our view of the district's local economy that participates in the St. Louis metropolitan statistical area, with good incomes and adequate wealth indicators," said S&P Global Ratings credit analyst Alexander Vargas.
The rating also reflects the district's:
  • Strong reserve levels with no plans for material drawdowns; and
  • Low debt burden with no plans to issue additional debt.
We could lower the rating should the district's operating results deteriorate and reserves decline to levels no longer commensurate with the rating.

We could raise the rating should economic metrics improve to levels commensurate with those of higher-rated peers while the district maintains other credit measures. In addition, an upgrade would be predicated on the district implementing more robust policies and practices.
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