...S&P Global Ratings assigned its '##+' long-term rating and 'A+' underlying rating for credit program and stable outlook to Lebanon Community School Corp., Ind.'s roughly $5.575 million series 2021 general obligation (GO) bonds and affirmed its '##+' long-term rating and 'A+' underlying rating, with a stable outlook, on the school corporation's parity debt. Officials intend to use series 2021 GO bond proceeds to renovate school facilities and purchase buses, equipment, and technology. The district's full-faith-and-credit pledge secures the series 2021 GO bonds and existing debt. The series 2021 GO bonds and existing debt are subject to state circuit-breaker tax caps, as well as one series of electorate-approved bonds that are exempt from state tax caps. We base the rating on all debt at the same level as our view of the district's general creditworthiness, reflecting our view that lease risk, where applicable, is mitigated and that there are no significant resource-fungibility limitations....
