S&P Global Ratings assigned its 'AA+' long-term enhanced rating and 'AA-' underlying rating to Southwest Allen Multi-School Building Corp. , Ind.'s roughly $25 million series 2025 ad valorem property-tax first-mortgage bonds, issued for Southwest Allen County Metropolitan School District . We also affirmed our 'AA+' long-term enhanced rating and 'AA-' underlying rating on the district's existing general obligation (GO) debt. 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. We rate the debt at the same level as the district's
