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

S&P Global Ratings assigned its 'AA+' credit-enhanced rating and 'A+' underlying rating to Lebanon Middle School Building Corp., Ind.'s roughly $32 million series 2024B ad valorem property tax first-mortgage bonds, issued for Lebanon Community School Corp., based on the application of its criteria, "Methodology For Rating U.S. Governments," published Sept. 9, 2024, on RatingsDirect. S&P Global Ratings also affirmed its 'AA+' credit-enhanced rating and 'A+' underlying rating on the district's existing property-tax-backed debt. We revised the outlook on the credit enhancement to negative in July 2024 due to expectations that maximum annual debt service (MADS) coverage could decrease and remain below 1.5x due to the district's additional debt plans. The outlook on the underlying rating is also negative, which we

...+ S&P Global Ratings assigned its '##+' credit-enhanced rating and 'A+' underlying rating to Lebanon Middle School Building Corp., Ind.'s roughly $32 million series 2024B ad valorem property tax first-mortgage bonds, issued for Lebanon Community School Corp., based on the application of its criteria, "Methodology For Rating U.S. Governments," published Sept. 9, 2024, on RatingsDirect. + S&P Global Ratings also affirmed its '##+' credit-enhanced rating and 'A+' underlying rating on the district's existing property-tax-backed debt. + We revised the outlook on the credit enhancement to negative in July 2024 due to expectations that maximum annual debt service (MADS) coverage could decrease and remain below 1.5x due to the district's additional debt plans. + The outlook on the underlying rating is also negative, which we originally revised to negative in October 2023 due to affordability concerns with the district's recent and future debt issuances that still apply....

Summary