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

S&P Global Ratings assigned its 'AA+' long-term enhanced rating and 'A' underlying rating to Kokomo-Center Schools Building Corp., Ind.'s approximately $13.68 million ad valorem property tax first-mortgage bonds, series 2021, issued for Kokomo School Corp. We also assigned our 'AA+' and 'A' ratings to the corporation's approximately $2.25 million general obligation (GO) bonds of 2021 and affirmed our 'AA+' and 'A' ratings on its existing debt. The outlook on all ratings is stable. Management will use GO bond proceeds to finance various renovation and improvements. Lease bond proceeds will be used to finance projects at the high school and Maple Crest Middle School. The leased assets will remain in use during the project, which is scheduled for completion about six

...S&P Global Ratings assigned its '##+' long-term enhanced rating and 'A' underlying rating to Kokomo-Center Schools Building Corp., Ind.'s approximately $13.68 million ad valorem property tax first-mortgage bonds, series 2021, issued for Kokomo School Corp. We also assigned our '##+' and 'A' ratings to the corporation's approximately $2.25 million general obligation (GO) bonds of 2021 and affirmed our '##+' and 'A' ratings on its existing debt. The outlook on all ratings is stable. Management will use GO bond proceeds to finance various renovation and improvements. Lease bond proceeds will be used to finance projects at the high school and Maple Crest Middle School. The leased assets will remain in use during the project, which is scheduled for completion about six months prior to the first lease payment after capitalized interest. The property tax levy securing all rated debt is mandatory and not subject to appropriation, though it is subject to state circuit-breaker limitations. For each...

Summary