Summary: Kokomo School Corp., Indiana; School State Program

S&P Global Ratings assigned its 'AA+' long-term enhanced rating and 'A' underlying rating (SPUR) to Kokomo School Corp., Ind.'s roughly $8 million series 2024 ad valorem property tax first-mortgage bonds. At the same time, S&P Global Ratings affirmed its 'AA+' long-term enhanced rating and 'A' SPUR on the school corporation's existing property-tax-backed debt. The outlook on all ratings is stable. Lease payments, payable from ad valorem property taxes and subject to state circuit-breaker tax caps but not to annual appropriation, secure the bonds. Insurance provisions mitigate abatement risk, and we believe construction risks have been sufficiently mitigated, as the leased premises will remain in use during the district's capital projects. We rate the bonds at the same level as our

... 2023 2022 2021 Required pension contribution % of governmental fund expenditures 2.5 2.8 2.8 OPEB actual contribution % of governmental fund expenditures 0.0 0.0 0.0 Minimum funding progress, largest pension plan (%) 121.1 133.6 161.8 EBI--Effective buying income. OPEB--Other postemployment benefits....

Summary