S&P Global Ratings assigned its'AA+'long-term rating (based on credit enhancement) and'A'underlying rating to the Metropolitan School District of New Durham Township School Building Corp. (the school corporation), Indiana's $7.2 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 district’s existing tax-backed debt. The outlook on all ratings is stable. The series 2026 ad valorem property tax first-mortgage bonds are secured by lease payments payable from ad valorem property taxes, subject to state circuit-breaker tax caps but not subject to annual appropriation. Insurance provisions mitigate abatement risk, and we believe construction risks have been
