S&P Global Ratings assigned its 'AA+' long-term enhanced rating and 'A+' underlying rating to Franklin Community Multi-School Building Corp. , Ind.'s $40 million series 2025 ad valorem property tax first mortgage bonds, issued on behalf of Franklin Community School Corp. At the same time, S&P Global Ratings affirmed its 'AA+' long-term enhanced rating and 'A+' underlying rating on the school corporation's outstanding obligations. The outlook is stable. The series 2025 first mortgage bonds are secured by lease payments payable from ad valorem property taxes, subject to state circuit-breaker tax caps but not to annual appropriation. Insurance provisions mitigate abatement risk, and we believe construction risks have been sufficiently mitigated, as the corporation anticipates that it will occupy facilities during construction
