Whiteford Agricultural School District, MI GO Bonds Assigned 'A+' Underlying Rating On Extremely Strong Wealth

CHICAGO (S&P Global Ratings) March 24, 2020--S&P Global Ratings assigned its 'AA' long-term rating and 'A+' underlying rating to Whiteford Agricultural School District, Mich.'s expected $4.790 million unlimited tax series 2020 school building and site general obligation (GO) bonds. The outlook is stable.
"The 'A+' underlying rating reflects our opinion of the district's extremely strong wealth level, strong income indicators, and very strong fund balance," said S&P Global Ratings credit analyst Bobby Otter. "The 'AA' long-term rating reflects our view of the district's participation in the Michigan State School Bond Loan Program," Mr. Otter added.
The bonds were voter approved in November 2019 and authorized up to $15.405 million. This is the first of an expected three issuances for school building and site purposes. With the proceeds from the 2020 GO bonds, the district intendeds to enhance existing athletic and arts facilities.
The district's full-faith-and-credit pledge secures the series 2020 GO bonds, which are payable from ad valorem taxes, which may be levied without limitation.

Whiteford Agricultural School District is a rural, farming community in southeast Michigan roughly 15 miles from Toledo, Ohio.
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