South Spencer County School Corp., IN, 2017 First-Mortgage Bonds Rated 'A'; Other Ratings Affirmed

CHICAGO (S&P Global Ratings) Dec. 5, 2017--S&P Global Ratings assigned its 'AA+' long-term program rating and 'A' underlying rating for credit program to South Spencer School Building Corp., Ind.'s series 2017 first-mortgage bonds, issued for South Spencer County School Corp. At the same time, S&P Global Ratings affirmed its 'AA+' long-term program rating on the district's existing debt. The outlook is stable. "The 'A' underlying rating reflects our opinion of the school corporation's extremely strong wealth indicators, strong available reserves on a cash basis of accounting, and low-to-moderate debt profile with rapid amortization," said S&P Global Ratings credit analyst Taylor Budrow. Partially offsetting these strengths, in our view, are the district's concentrated tax base and income indicators, which, while at

...CHICAGO (S&P Global Ratings) Dec. 5, 2017--S&P Global Ratings assigned its '##+' long-term program rating and 'A' underlying rating for credit program to South Spencer School Building Corp., Ind.'s series 2017 first-mortgage bonds, issued for South Spencer County School Corp. At the same time, S&P Global Ratings affirmed its '##+' long-term program rating on the district's existing debt. The outlook is stable. "The 'A' underlying rating reflects our opinion of the school corporation's extremely strong wealth indicators, strong available reserves on a cash basis of accounting, and low-to-moderate debt profile with rapid amortization," said S&P Global Ratings credit analyst Taylor Budrow. Partially offsetting these strengths, in our view, are the district's concentrated tax base and income indicators, which, while at levels that we consider adequate, are not commensurate with those of higher-rated peers. Bond proceeds will finance renovation and improvement projects to South Spencer High...

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