S&P Global Ratings assigned its 'A+' rating to Hanover Area School District , Pa.?s $27.685 million series 2026 limited-tax general obligation (GO) bonds. We also affirmed our 'A+' rating on the district?s existing GO debt. The outlook is stable. The series 2026 limited-tax GO bonds are secured by the district?s full-faith-and-credit pledge and are payable from ad valorem taxes, which are levied on all taxable real property within the district. Its taxing power for debt service is limited by Pennsylvania?s Act 1 Index, which restricts a district?s ability to raise the tax levy above a certain index determined by the Pennsylvania Department of Education. We rate the limited-tax GO debt at the same level as we would unlimited-tax GO debt
