Summary: Indiana Bond Bank; School State Program

S&P Global Ratings has corrected by raising its rating on the Indiana Bond Bank's series 2009 qualified school construction bonds to 'AA+' from 'A+'. The outlook is stable. We have also discontinued our rating on the Indiana Bond Bank's series 2015E taxable school severance refunding bonds, which have been fully defeased. We should have raised the rating on the series 2009 qualified school construction bonds to 'AA+' from 'A+' on March 25, 2015, when we raised the program rating for Danville Community School Corp. to 'AA+', after state aid increased to a level providing 2x maximum annual debt service (MADS) coverage. The series 2009 qualified school construction bonds are supported by a pool of participating school corporations, and the rating

...S&P Global Ratings has corrected by raising its rating on the Indiana Bond Bank's series 2009 qualified school construction bonds to '##+' from 'A+'. The outlook is stable. We have also discontinued our rating on the Indiana Bond Bank's series 2015E taxable school severance refunding bonds, which have been fully defeased. We should have raised the rating on the series 2009 qualified school construction bonds to '##+' from 'A+' on March 25, 2015, when we raised the program rating for Danville Community School Corp. to '##+', after state aid increased to a level providing 2x maximum annual debt service (MADS) coverage. The series 2009 qualified school construction bonds are supported by a pool of participating school corporations, and the rating reflects each school corporation meeting our Indiana State Aid Intercept Program rating criteria. Prior to March 25, 2015 , the rating on the 2009 qualified school construction bonds was constrained by Danville Community School Corp.'s underlying...

Summary