...March 24, 2025 ENGLEWOOD (S&P Global Ratings) March 24, 2025--S&P Global Ratings assigned its 'A+' long-term rating to Marshalltown Community School District, Iowa's $30 million series 2025 school infrastructure sales, services, and use (SAVE) tax bonds. The outlook is stable. A first-lien pledge of state-collected retail sales and service tax revenue for school infrastructure purposes secures the bonds. We rate the bonds under our priority-lien tax revenue debt criteria (published Oct. 22, 2018), factoring in the pledged revenue strength and stability and the general credit quality of the district where taxes are distributed and collected, known as the obligor's creditworthiness. The district intends to use the series 2025 bond proceeds to fund track and field improvements as well as audio visual enhancements to its elementary schools. The series 2025 bonds will also fund a debt service reserve fund (DSRF) at the standard three-pronged test (the lowest of maximum annual debt service [MADS],...
