S&P Global Ratings assigned its 'AA+' long-term enhanced rating and 'A' underlying rating for credit program to Kokomo School Corp., Ind.'s roughly $6.105 million series 2023 general obligation (GO) bonds. The outlook is stable. Ad valorem property taxes--subject to state-imposed tax caps, also called circuit breakers, which limit the property tax burden for taxpayers based on a percent of gross assessed value (AV)--secure the series 2023 bonds and existing debt. Despite this, we rate the underlying rating on par with our view of Kokomo's general creditworthiness because the district collects ad valorem property taxes from its entire property tax base and due to the fungibility of resources available for debt service. Officials will use series 2023 bond proceeds to fund
