Summary: Kokomo Center School Building Corp., Indiana Kokomo Center Township Consolidated School Corp.; School State Program

Standard&Poor's Ratings Services assigned its 'A+' underlying rating to the series 2015A and 2015B ad valorem property tax first-mortgage bonds issued by Kokomo Center School Building Corp., Indiana on behalf of Kokomo Center Township Consolidated School Corp. We also assigned our 'AA+' long-term rating to the bonds, reflecting the school's eligibility for, and participation in, the Indiana State Aid Intercept program. In addition, Standard&Poor's affirmed its 'AA+' long-term and underlying (SPUR) ratings on the corporation's previously issued debt, and its 'A+' ICR. The outlook on all ratings is stable. The bonds are secured by lease rentals payable from ad valorem property taxes paid directly to an independent trustee. The levy of taxes to make rental payments

...Standard & Poor's Ratings Services assigned its 'A+' underlying rating to the series 2015A and 2015B ad valorem property tax first-mortgage bonds issued by Kokomo Center School Building Corp., Indiana on behalf of Kokomo Center Township Consolidated School Corp. We also assigned our '##+' long-term rating to the bonds, reflecting the school's eligibility for, and participation in, the Indiana State Aid Intercept program. In addition, Standard & Poor's affirmed its '##+' long-term and underlying (SPUR) ratings on the corporation's previously issued debt, and its 'A+' ICR. The outlook on all ratings is stable. The bonds are secured by lease rentals payable from ad valorem property taxes paid directly to an independent trustee. The levy of taxes to make rental payments is mandatory and not subject to annual appropriation; rental abatement risk is mitigated, in our view, by provisions in the lease requiring the school to maintain property casualty and business interruption insurance. The school...

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