Summary: Indiana Bond Bank; School State Program

S&P Global Ratings raised its long-term rating to 'AA+' from 'A' on the Indiana Bond Bank's series 2015 C school severance funding refunding bonds, issued for South Montgomery Community School Corp. The outlook is stable. The bond bank bonds were issued to purchase a loan from the South Montgomery Community School Corp. There were no other loans purchased as part of the series 2015 C bonds. Repayments on the school corporation's loan secures the bond bank bonds, and the school corporation's loan is secured by its general obligation ad valorem tax pledge. The 'AA+' rating is based on our state credit enhancement criteria. The bonds meet provisions of the criteria, and the rating reflects our assessment of the strength of

...S&P Global Ratings raised its long-term rating to '##+' from 'A' on the Indiana Bond Bank's series 2015 C school severance funding refunding bonds, issued for South Montgomery Community School Corp. The outlook is stable. The bond bank bonds were issued to purchase a loan from the South Montgomery Community School Corp. There were no other loans purchased as part of the series 2015 C bonds. Repayments on the school corporation's loan secures the bond bank bonds, and the school corporation's loan is secured by its general obligation ad valorem tax pledge. The '##+' rating is based on our state credit enhancement criteria. The bonds meet provisions of the criteria, and the rating reflects our assessment of the strength of the Indiana state aid intercept structure (as found in Section 20-48-1-11 of the Indiana Code). For more information on the program, see our report published May 16, 2017, on RatingsDirect. The upgrade reflects the school corporation's state aid now covering its maximum...

Summary