Consolidated School District No. 5

• Issue Currency: United States of America Dollars
• Announcement Date: 20-Jul-2018
• News: S&P Global Ratings has lowered its long-term rating to `A+` from `AA-` on Iberville Parish No. 5 Consolidated School District (CSD), La.`s limited-tax bonds reflecting the application of its ""Issue Credit Ratings Linked to U.S. Public Finance Obligors` Creditworthiness"" criteria, published Jan. 22, 2018, on RatingsDirect. The outlook is stable. Revenue from a limited ad valorem pledge of 31 mills on all taxable property within the district secures the bonds. The millage rate will be adjusted in each reassessment year so that property value increases or decreases as a result of the reassessment do not affect the amount of revenues collected. We rate the bonds on par with our view of the district`s general creditworthiness, as the taxing base supporting the bonds is coterminous with the district, and we see no unusual risks regarding the district`s willingness to support the debt or the fungibility of resources. The rating reflects our view of the district`s: Very strong reserves; Low-to-moderate debt burden; and Adequate income indicators. Partially offsetting these strengths, in our view, are the district`s concentrated tax base and elevated pension burden.

• Issue Currency: United States of America Dollars
• Announcement Date: 03-Aug-2018
• News: S&P Global Ratings has lowered its long-term rating to `A+` from `AA-` on Iberville Parish No. 5 Consolidated School District (CSD), La.`s limited-tax bonds reflecting the application of its ""Issue Credit Ratings Linked to U.S. Public Finance Obligors` Creditworthiness"" criteria, published Jan. 22, 2018, on RatingsDirect. The outlook is stable. Revenue from a limited ad valorem pledge of 31 mills on all taxable property within the district secures the bonds. The millage rate will be adjusted in each reassessment year so that property value increases or decreases as a result of the reassessment do not affect the amount of revenues collected. We rate the bonds on par with our view of the district`s general creditworthiness, as the taxing base supporting the bonds is coterminous with the district, and we see no unusual risks regarding the district`s willingness to support the debt or the fungibility of resources. The rating reflects our view of the district`s: Very strong reserves; Low-to-moderate debt burden; and Adequate income indicators. Partially offsetting these strengths, in our view, are the district`s concentrated tax base and elevated pension burden