Summary: Lebanon Community School Corp., Indiana Lebanon Multi-School Building Corp.; School State Program

S&P Global Ratings assigned its 'AA+' long-term rating and 'A+' underlying rating to Lebanon Community School Corp., Ind.'s roughly $70 million series 2022 unlimited ad valorem property tax first-mortgage bonds. At the same time, we affirmed our 'AA+' long-term rating and 'A+' underlying rating on the school corporation's existing debt. The outlook on all the rating is stable. The series 2022 bonds are electorate-approved ($102.65 million) bonds that are exempt from state circuit-breaker tax caps and secured by lease rental payments payable from unlimited ad valorem property taxes levied against all taxable property within the corporation. Lease payments are mandatory and not subject to appropriation. We base the rating at the same level as our view of the district's general

... 2021 2020 2019 Debt service % of governmental fund noncapital expenditures Elevated 23.81 21.22 20.9 Direct debt 10-year amortization (%) Average 54 100 100 100 Required pension contribution % of governmental fund expenditures 1.31 1.69 1.34 OPEB actual contribution % of governmental fund expenditures 0 0 0 Minimum funding progress, largest pension plan (%) EBI--Effective buying income. OPEB--Other postemployment benefits....

Summary