...S&P Global Ratings assigned its '##+' long-term rating to the Indiana Bond Bank's series 2017A taxable common school fund advancement purchase funding bonds. The outlook is stable. The bonds are secured by loan repayments from up to 70 individual school corporations, each of which have agreed to have state aid (subject to appropriation by the state of Indiana) withheld to repay the loans. The individual school corporation loans are in the form of Advancement Agreements, and are payable from Advancement Payments, which have been pledged to the series 2017A bonds. Each school corporation has agreed to have its school tuition support payments (and any other funds appropriated by the state for distribution to the school corporation) withheld by the state to directly pay its Advancement Agreement. This withholding is considered the Advancement Payment. Given that the state is directly paying these Advancement Payments from revenues appropriated out of its general fund, and that repayment of...
