...CHICAGO (S&P Global Ratings) Feb. 19, 2019--S&P Global Ratings raised its long-term rating to '##+' from 'A' on the Indiana Bond Bank's series 2015 C school severance funding refunding bonds, issued for South Montgomery Community School Corp. The outlook is stable. The '##+' rating is based on our state credit enhancement criteria. The bonds meet provisions of the criteria, and the rating reflects our assessment of the strength of the Indiana state aid intercept structure (as found in Section 20-48-1-11 of the Indiana Code). For more information on the program, see our report published May 16, 2017, on RatingsDirect. "The upgrade reflects the school corporation's state aid now covering its maximum annual debt service by more than 2x," said S&P Global Ratings credit analyst Taylor Budrow. The rating had previously been constrained by low maximum annual debt service coverage. The school corporation must make payments on its loan to the bond bank trustee by Jan. 5 and July 5, in advance of...
