S&P Global Ratings assigned its 'AA+' long-term rating (based on credit enhancement) and 'A' underlying rating to Metropolitan School District of Steuben County , Ind.'s approximately $6.6 million series 2025 first mortgage bonds, issued by Metropolitan School District of Steuben County K-5 Building Corp. At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating and 'A' underlying rating on existing property tax-backed debt issued by and for the district. The outlook is stable. The series 2025 bonds, and the district?s outstanding ad valorem property tax first mortgage bonds, will be secured by lease rentals payable from ad valorem property taxes. The tax levy is mandatory and not subject to appropriation, though it is subject to state circuit-breaker limitations.
