S&P Global Ratings assigned its 'AA+' enhanced long-term rating and 'AA-' underlying rating to East Porter County School Building Corp., Ind.'s anticipated $3 million series 2023 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'AA+' enhanced long-term rating and 'AA-' underlying rating on the school corporation's outstanding debt. The outlook is stable. The series 2023 bonds are payable from ad valorem property taxes, subject to state-imposed tax caps (circuit breakers), levied on all taxable property in the district. We rate this limited-tax GO pledge on par with our view of the district's general creditworthiness because property taxes are levied on all taxable properties and because of the fungibility of resources available for debt service. All
