S&P Global Ratings assigned its'AA'long-term rating to the Brownsburg Building Corp. , Indiana's approximately $19 million lease-rental refunding bonds of 2026. At the same time, we affirmed our'AA'long-term rating on the previously rated bonds secured by an ad valorem property tax pledge of Brownsburg , Indiana. The outlook is stable. The ad valorem property tax pledge that secured the bonds is subject to state circuit-breaker tax caps, which cap the property tax burden for taxpayers. The levy of taxes is mandatory, and lease payments are not subject to appropriation. The leased assets are existing facilities, so there is no construction risk associated with the transaction. The bonds are rated at the same level as our view
