S&P Global Ratings assigned its 'AA+' long-term rating and 'A' underlying rating for credit program to Kokomo-Center Schools Building Corp., Ind.'s roughly $18.755 million series 2022 ad valorem property-tax first-mortgage bonds, issued for Kokomo School Corp. At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating and 'A' underlying rating on the school corporation's existing GO debt. The outlook is stable. Lease payments payable from ad valorem property taxes, subject to state circuit-breaker tax caps but not subject to annual appropriation, secure the series 2022 bonds and existing GO debt. We have reviewed the lease under our criteria and view its terms as standard. We rate the bonds at the same level as our view of the school
