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

S&P Global Ratings assigned its 'AA+' long-term rating and 'A+' underlying rating to Lebanon Middle School Building Corp., Ind.'s series 2017B $33.22 million unlimited ad valorem property tax first-mortgage refunding bonds, issued for Lebanon Community School Corp. (school or district). At the same time, we affirmed our 'AA+', 'A', and 'A+' ratings on the school's existing debt. The outlook on all ratings is stable. The 'AA+' rating is based on the school corporation meeting our Indiana State Aid Intercept program rating criteria and on our assessment of the strength of the state aid intercept structure based on Section 20-48-1-11 of the Indiana Code. The enhanced rating reflects coverage of at least 2x maximum annual debt service (MADS) using state aid

...S&P Global Ratings assigned its '##+' long-term rating and 'A+' underlying rating to Lebanon Middle School Building Corp., Ind.'s series 2017B $33.22 million unlimited ad valorem property tax first-mortgage refunding bonds, issued for Lebanon Community School Corp. (school or district). At the same time, we affirmed our '##+', 'A', and 'A+' ratings on the school's existing debt. The outlook on all ratings is stable. The '##+' rating is based on the school corporation meeting our Indiana State Aid Intercept program rating criteria and on our assessment of the strength of the state aid intercept structure based on Section 20-48-1-11 of the Indiana Code. The enhanced rating reflects coverage of at least 2x maximum annual debt service (MADS) using state aid appropriated and allocated for distribution to the school district (in the state's fiscal year). Additionally, appropriated, yet undisbursed, state aid also provides at least 1x coverage of the maximum semiannual debt service payment. If...

Summary