S&P Global Ratings assigned its'AA+'long-term rating (based on credit enhancement) and'A'underlying rating to Kokomo School Corp. , Indiana's roughly $11.26 million series 2026 ad valorem property tax first-mortgage bonds. At the same time, S&P Global Ratings affirmed its'AA+'long-term rating (based on credit enhancement) and'A'underlying rating on the school corporation's existing debt. The outlook on all ratings is stable. Lease payments from ad valorem property tax revenue, subject to state circuit-breaker tax caps but not to annual appropriation, secure the first-mortgage bonds. We have reviewed the lease under our criteria and view the lease terms as standard. We rate the series 2026 bonds on par with our view of the district’s general creditworthiness
