S&P Global Ratings assigned its 'A+' rating to East Pennsboro Area School District, Pa.'s series 2020 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'A+' rating on the district's existing GO debt. The outlook is stable. The district's debt profile contains both unlimited- and limited-tax GO pledges. The district's full-faith-and-credit pledge secures the 2020 bonds, subject to limitations established by Act 1. Under Pennsylvania's commonwealth statute, the Act 1 Index restricts a district's ability to raise the tax levy higher than a certain index, which the Pennsylvania Department of Education determines. Despite these limitations, we rate the limited-tax GO debt at the same level as our view of the district's general creditworthiness, reflected in the
