Summary: Elkhart Community School Building Corp., Indiana Elkhart Community Schools; School State Program

S&P Global Ratings assigned its 'AA+' long-term rating and 'A' underlying rating to Elkhart Community School Building Corp., Ind.'s approximately $5.5 million series 2021 first-mortgage bonds issued on behalf of Elkhart Community Schools. The outlook is stable. The series 2021 first-mortgage bonds and outstanding obligations are secured by lease payments payable from ad valorem property taxes, subject to state circuit-breaker tax caps, but not subject to annual appropriation. Insurance provisions mitigate abatement risk, and we believe construction risks have been sufficiently mitigated as the leased premises will remain in use during the projects. We base our rating on the bonds at the same level as our view of the school corporation's general creditworthiness, reflecting our view that lease risks are

...S&P Global Ratings assigned its '##+' long-term rating and 'A' underlying rating to Elkhart Community School Building Corp., Ind.'s approximately $5.5 million series 2021 first-mortgage bonds issued on behalf of Elkhart Community Schools. The outlook is stable. The series 2021 first-mortgage bonds and outstanding obligations are secured by lease payments payable from ad valorem property taxes, subject to state circuit-breaker tax caps, but not subject to annual appropriation. Insurance provisions mitigate abatement risk, and we believe construction risks have been sufficiently mitigated as the leased premises will remain in use during the projects. We base our rating on the bonds at the same level as our view of the school corporation's general creditworthiness, reflecting our view that lease risks are mitigated, and there are no significant limitations on the fungibility of resources. The series 2021 bond proceeds will reimburse the school corporation for prior projects. The '##+' long-term...

Summary