S&P Global Ratings assigned its'AA+'long-term rating (based on credit enhancement) and'AA-'underlying rating to Greenwood Community School Corp. , Ind.'s $27.31 million series 2026 ad valorem property tax first mortgage refunding bonds. We also affirmed our'AA+'long-term rating (based on credit enhancement) and'AA-'underlying rating on the school corporation’s existing debt. The outlook on all ratings is stable. The series 2026 first mortgage bonds are secured by lease payments, payable from ad valorem property taxes, and subject to state circuit-breaker tax caps, but are not subject to annual appropriation. We reviewed the lease under our criteria and consider the terms standard. We rate the bonds at the same level as our view of the school
