Summary: Indiana Bond Bank; School State Program

Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Indiana Bond Bank's series 2015A taxable school severance funding refunding bonds. At the same time, we assigned our 'A' long-term rating to the bond bank's series 2015C and series 2015E taxable school severance funding refunding bonds. The outlook on both ratings is stable. The ratings on the series 2015A and C bonds are based on each qualified participating school corporation meeting our Indiana State Aid Intercept Program rating criteria. The credit characteristics of the rating are supported by the availability of state aid to be intercepted to cover debt service payments. We assigned our 'AA+' long-term rating to the series 2015A bonds because all of the qualified entity (QE)

...Standard & Poor's Ratings Services assigned its '##+' long-term rating to Indiana Bond Bank's series 2015A taxable school severance funding refunding bonds. At the same time, we assigned our 'A' long-term rating to the bond bank's series 2015C and series 2015E taxable school severance funding refunding bonds. The outlook on both ratings is stable. The ratings on the series 2015A and C bonds are based on each qualified participating school corporation meeting our Indiana State Aid Intercept Program rating criteria. The credit characteristics of the rating are supported by the availability of state aid to be intercepted to cover debt service payments. We assigned our '##+' long-term rating to the series 2015A bonds because all of the qualified entity (QE) participants demonstrated at least 2x maximum annual debt service (MADS) on all existing debt. We assigned the 'A' long-term rating to the series 2015C and E bonds because all of the QE participants demonstrated at least 1x MADS on all existing...

Summary