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

S&P Global Ratings raised its underlying rating one notch on Greenwood School Building Corp., Ind.'s outstanding general obligation (GO) debt to 'AA-' from 'A+'. At the same time, we assigned our 'AA+' long-term enhanced rating and 'AA-' underlying rating to the corporation's roughly $10.3 million series 2022 first-mortgage GO bonds, issued for Greenwood Community School Corp. The outlook is stable. The upgrade is based on the school corporation's significantly improved finances. Officials intend to use series 2022 bond proceeds to fund various renovations at Greenwood High School, Northeast Elementary School, and the school corporation's athletic facilities. Lease payments, payable from ad valorem property taxes that are subject to state circuit-breaker tax caps but not to annual appropriation, secure the series

...S&P Global Ratings raised its underlying rating one notch on Greenwood School Building Corp., Ind.'s outstanding general obligation (GO) debt to '##-' from 'A+'. At the same time, we assigned our '##+' long-term enhanced rating and '##-' underlying rating to the corporation's roughly $10.3 million series 2022 first-mortgage GO bonds, issued for Greenwood Community School Corp. The outlook is stable. The upgrade is based on the school corporation's significantly improved finances. Officials intend to use series 2022 bond proceeds to fund various renovations at Greenwood High School, Northeast Elementary School, and the school corporation's athletic facilities. Lease payments, payable from ad valorem property taxes that are subject to state circuit-breaker tax caps but not to annual appropriation, secure the series 2022 first-mortgage bonds and existing debt. Insurance provisions mitigate abatement risk. The leased premises being occupied during construction mitigate construction risk. The...

Summary