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U.S. PUBLIC FINANCE

Factor or
Sub-factor Weight Aaa Aa A Baa Ba B Caa Ca
Factor: Institutional Framework (10%)

Locally Determined The bulk of The bulk of The bulk of The bulk of Not applicable. Not applicable. Not applicable. Not applicable.
Revenue Framework: operating operating operating operating
The state allows the bulk revenue is revenue is revenue is revenue is
of the school district’s subject only to subject to the subject to the subject to the
operating revenue to be the approval of approval of approval of approval of
determined at the local the school local voters or local voters or local voters or
level. district board. another local another local another local
government; government; government;
and school and school and school
district requests district requests district requests
for revenue for revenue for revenue
increases are increases are increases are
regularly sometimes rarely
approved; approved; approved;
or or or
there is room there is limited there is no
under any room under any room under any
limitations in limitations in limitations in
the local tax the local tax the local tax
rate or local rate or local rate or local
levy amount levy amount levy amount
that apply to that apply to that apply to
the bulk of the bulk of the bulk of
operating operating operating
revenue. revenue. revenue.

27 JANUARY 26, 2021 RATING METHODOLOGY: US K–12 PUBLIC SCHOOL DISTRICTS