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

S&P Global Ratings revised the outlook on its 'AA+' long-term enhanced rating on Lebanon Community School Corp. (district), Ind.'s intercept program-qualified debt to negative from stable. S&P Global Ratings also assigned its 'AA+' credit-enhanced rating and 'A+' underlying rating to Lebanon Middle School Building Corp., Ind.'s roughly $55 million series 2024 limited ad valorem property tax first-mortgage bonds (FMBs) and $28.35 million series 2024 unlimited ad valorem property tax FMBs, issued for the district. Furthermore, S&P Global Ratings assigned its 'AA+' credit enhancement and 'A+' underlying rating to the district's $9.095 million series 2024 general obligation (GO) bonds, while also affirming the credit-enhanced and underlying ratings on the district's outstanding property tax-backed debt. The outlook on the credit enhancement was

... 2023 2022 2021 Debt and long-term liabilities Overall net debt % of market value Moderately high 6.2 4.2 4.2 3.2 Overall net debt per capita ($) High 13,769 7,897 7,287 4,932 Debt service % of governmental fund noncapital expenditures High -- 30.3 26.7 23.8 Direct debt 10-year amortization (%) Slower than average 44 56 53 100 Required pension contribution % of governmental fund expenditures -- 1.1 1.3 1.3 OPEB actual contribution % of governmental fund expenditures N/A N/A N/A N/A Minimum funding progress, largest pension plan (%) -- 75.1 78.5 105.4 EBI--Effective buying income. OPEB--Other postemployment benefits. N/A--Not applicable....

Summary