Standard&Poor's Ratings Services has affirmed its 'AA+' long-term rating to the Indiana Bond Bank's series 2012A and B common school fund advancement purchase refunding bonds, which are secured by school tuition support payments, as appropriated by Indiana, that are deducted by the Indiana State Board of Education and Board of Finance to pay debt service. The outlook is stable. The rating also reflects our view of: A strong withholding structure, in which the state transfers school aid directly through the common school fund to the trustee; Strong coverage of maximum annual debt service (MADS) by pledged revenues; and Stable revenue streams from Indiana ('AAA' issuer credit rating [ICR]), which continues to demonstrate a commitment to school funding, though
