Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Lebanon Middle School Building Corp., Ind.'s series 2015 general obligation (GO) bonds issued for Lebanon Community School Corp. At the same time, we affirmed our 'AA+' long-term rating on the school district's existing program debt. The 'AA+' rating reflects the school corporation's eligibility for, and participation in, the Indiana State Aid Intercept Program. The credit characteristics of the program are supported by the strength and availability of state aid to the intercept program participants. Standard&Poor's rates four different types of state programs, in more than 20 states, that provide enhancement for school bond issues. These program types include state guarantee, permanent fund, annual appropriation, and state intercept
