CUSIP 56185NFT0
- ISIN: US56185NFT00
- Entity Name: School Board of Manatee County
- Sector: Municipal Agency
- Announcement Date: *****
- Effective Date: *****
- Issue Date: *****
- Maturity Date: *****
- Country of Issuer: *****
- Region: N.Amer
- Issue Currency: *****
- CA Type: Rating Upgrade
- News: S&P Global Ratings raised its long-term rating on Manatee County School Board, Fla.`s certificates of participation (COPs) two notches to `A` from `BBB+`. The outlook is stable. The upgrade reflects the board`s recent trend of stable operating performance and improved reserves, supported by the formalization of financial management policies and practices that we consider ""good."" The district reported operating surpluses in three of the last four audited fiscal years. In that time, the district`s available fund balance increased by $26.7 million. The board`s available fund balance at fiscal year-end 2017 was $18.1 million, or 4.9% of expenditures, which we consider good. To further support the maintenance of healthy reserves, in June 2017 the board adopted a formal fund balance policy, which requires the maintenance of available reserves of 3%-5% of general fund revenues. Pursuant to the master trust agreement, the COPs are secured by lease-rental payments made by Manatee County School Board to the Manatee School Board Leasing Corporation. Lease-rental payments will be made from the board`s available revenues and are subject to annual appropriation. Based on the application of our criteria, titled ""Issue Credit Ratings Linked To U.S. Public Finance Obligors Creditworthiness"" (published Jan. 22, 2018, on RatingsDirect), we rate these obligations one notch lower than the board`s general creditworthiness to account for the appropriation risk associated with the lease payments.
- Description: *****
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US56185NFT00
