OREANDA-NEWS. S&P Global Ratings has corrected by lowering its long-term rating to an unenhanced 'AA-' from 'AA' on Newton Local School District, Ohio's series 2016 unlimited-tax general obligation (GO) construction and improvement refunding bonds. The outlook is stable.

At the same time, S&P Global Ratings has corrected by withdrawing the underlying rating on the same series of bonds, as this series does not participate in the Ohio School District Credit Enhancement Program bond guarantee program.





B&B's senior unsecured debt ratings are sensitive to a change in the UK's sovereign rating or to a change in the conditions of the guarantee granted by the UK government to the bank's senior debt.

Fitch believes that timely payment under the guarantee is highly likely as non-payment of the guarantor would seriously tarnish the UK's reputation in this important area of public policy. Even if government policies in this area were to change, we believe the government would still honour the guarantee given the reputational implications of failing to do so.

The rating actions are as follows:

Senior long-term guaranteed notes, XS0281590488 EUR30m maturing February 2047: affirmed at 'AA'