S&P Global Ratings assigned its 'AA+' long-term rating (based on credit enhancement) and 'A' underlying rating to Kokomo School Corp ., Ind.'s $15.49 million series 2026 ad valorem property tax first-mortgage refunding bonds. The outlook is stable. Lease payments, payable from ad valorem property taxes and subject to state circuit-breaker tax caps but not to annual appropriation, secure the bonds. Insurance provisions mitigate abatement risk, and we believe construction risks have been sufficiently mitigated. We rate the bonds at the same level as our view of the school corporation's general creditworthiness, reflecting our view that lease risks are mitigated and that there are no significant limitations on the fungibility of resources. The series 2026 bond proceeds will be used to
