...Standard & Poor's Ratings Services affirmed its '##+' rating on Indiana Bond Bank's series 2012A and B taxable school severance funding refunding bonds. The outlook is stable. The '##+' rating on the series 2012A bonds reflects the participating school corporations' (qualified entities) meeting our criteria for the Indiana state aid intercept program rating. Each qualified entity--Wa-Nee Community Schools, Northwest Allen County Schools, and Lawrence Township Metropolitan School District--has individually qualified for the program rating. The strength and availability of state aid to intercept program participants support program credit characteristics. We have determined state aid for all participants in the series 2012A issuance is sufficient to provide at least 2x coverage of each participant's maximum annual debt service (MADS) on all obligations. The only participant for the 2012B bonds is Avon Community School Corp., and accordingly, the '##+' rating on the series 2012B bonds reflects...
