Research Update: South Madison Community School Corp., IN Series 2026C Taxable GO Bonds Rated'A'; Outlook Negative

S&P Global Ratings assigned its ‘AA+’ long-term rating (based on credit enhancement) and ‘A’ underlying rating to South Madison Community School Corp. (district), Indiana's $1.8 million series 2026C taxable general obligation (GO) bonds. In addition, S&P Global Ratings assigned its ‘AA+’ long-term rating (based on credit enhancement) and ‘A’ underlying rating to South Madison Elementary School Building Corp. , Indiana's $20 million series 2026 ad valorem property tax first-mortgage bonds (FMBs), issued for the district. The outlook is stable on the long-term rating and negative on the underlying rating. The GO bonds are secured by ad valorem property taxes subject to state circuit-breaker legislation, which caps the property tax burden between 1% and 3% of gross assessed value depending on

Research Update