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

S&P Global Ratings assigned its 'A+' underlying rating for credit program and 'AA+' enhanced program rating to Greenwood School Building Corp., Ind.'s series 2017 ad valorem property tax first-mortgage bonds, issued for Greenwood Community School Corp. We also affirmed our 'AA+' long-term program rating, as well as our 'A+' underlying rating, on the school corporation's existing bonds. The strength and availability of state aid to intercept program participants supports the program's credit characteristics. The outlook on all the ratings is stable. The 'AA+' rating is contingent on the school district's meeting our Indiana State Aid Intercept program rating criteria and on our assessment of the strength of the state aid intercept structure based on Section 20-48-1-11 of the Indiana Code.

...S&P Global Ratings assigned its 'A+' underlying rating for credit program and '##+' enhanced program rating to Greenwood School Building Corp., Ind.'s series 2017 ad valorem property tax first-mortgage bonds, issued for Greenwood Community School Corp. We also affirmed our '##+' long-term program rating, as well as our 'A+' underlying rating, on the school corporation's existing bonds. The strength and availability of state aid to intercept program participants supports the program's credit characteristics. The outlook on all the ratings is stable. The '##+' rating is contingent on the school district's meeting our Indiana State Aid Intercept program rating criteria and on our assessment of the strength of the state aid intercept structure based on Section 20-48-1-11 of the Indiana Code. The enhanced rating reflects coverage of at least 2x maximum annual debt service (MADS) using state aid appropriated and allocated for distribution to the school corporation (in the state's fiscal year)....

Summary