Summary: Kokomo-Center Schools Building Corp., Indiana Kokomo School Corp.; School State Program

S&P Global Ratings assigned its 'A' underlying rating and negative outlook and 'AA+' long-term rating to the ad valorem property tax first mortgage bonds series 2017 bonds issued by Kokomo-Center Schools Building Corp., Ind. on behalf of Kokomo School Corp. We also affirmed our 'A' underlying rating with a negative outlook on the previously rated obligations. The 'AA+' enhanced rating is based on the school district's meeting our Indiana State Aid Intercept program rating criteria and having state aid cover maximum annual debt service (MADS) by more than 2x. The rating further reflects our view of the availability of state aid to be intercepted to cover debt service payments. Currently, all our enhanced ratings on Indiana school districts are on

...S&P Global Ratings assigned its 'A' underlying rating and negative outlook and '##+' long-term rating to the ad valorem property tax first mortgage bonds series 2017 bonds issued by Kokomo-Center Schools Building Corp., Ind. on behalf of Kokomo School Corp. We also affirmed our 'A' underlying rating with a negative outlook on the previously rated obligations. The '##+' enhanced rating is based on the school district's meeting our Indiana State Aid Intercept program rating criteria and having state aid cover maximum annual debt service (MADS) by more than 2x. The rating further reflects our view of the availability of state aid to be intercepted to cover debt service payments. Currently, all our enhanced ratings on Indiana school districts are on CreditWatch with negative implications. (For more information, see the media release, "Indiana School Corp. '##+' Debt Ratings On Watch Neg Due To Uncertainty About Timeline For Available State Aid Payments", published Feb. 9, 2017, on RatingsDirect.)...

Summary