S&P Global Ratings assigned its 'AA+' long-term rating (based on credit enhancement) and 'A+' underlying rating to Benton School Improvement Building Corp. , Ind.?s $6.6 million series 2025 ad valorem property tax first mortgage bonds, issued for Benton Community Schools Corp. . We also affirmed our 'AA+' long-term rating (based on credit enhancement) and 'A+' underlying rating on the district?s existing debt. The outlooks are stable. The series 2025 bonds are secured by lease payments payable from ad valorem property taxes, subject to state circuit-breaker tax caps but not subject to annual appropriation. We reviewed the lease under our criteria and view the lease terms as standard. We rate the bonds at the same level as our view of the
