S&P Global Ratings assigned its 'AA+' long-term rating (based on credit enhancement) and 'A' underlying rating to Elkhart Community School Building Corp. , Ind.'s $6.6 million series 2025A, $6.6 million series 2025B, and $6.6 million series 2025C ad valorem property tax first mortgage bonds, issued on behalf of Elkhart Community Schools (ECS). At the same time, we affirmed our 'AA+' long-term enhanced rating and 'A' underlying rating on ECS' debt outstanding. The outlook on the underlying rating is negative, and the outlook on the long-term enhanced rating is stable. Lease payments--payable from ad valorem property taxes, subject to state-imposed tax caps (circuit breakers), which limit the property tax burden for taxpayers based on a percentage of gross assessed value (AV)--secure
