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

S&P Global Ratings assigned its 'AA+' long-term enhanced rating and 'A+' underlying rating for credit program to Marion Community School Corp. (MCSC), Ind.'s roughly $3.665 million series 2023 general obligation (GO) bonds. S&P Global Ratings also affirmed its 'AA+' long-term enhanced rating and 'A+' underlying rating on MCSC's existing GO debt. The outlook is stable. Ad valorem property taxes, subject to state-imposed tax caps, also called circuit breakers, which limit the property tax burden for taxpayers based on a percent of gross assessed value, secure the series 2023 bonds and existing debt. Despite this, we rate the underlying rating on par with our view of MCSC's general creditworthiness because the district collects ad valorem property taxes from its entire property

... 2022 2021 2020 Required pension contribution as a % of governmental fund expenditures -- 2.2 2.2 2.3 Other postemployment benefits actual contribution as a % of governmental fund expenditures -- -- -- -- Minimum funding progress, largest pension plan (%) -- 133.6 161.8 116.2 *Financial data reflects year-end Dec. 31 unaudited cash reports submitted to, and reviewed by, Indiana Office of School Finance. 'ºReflects funds 101 (education), 300 (operations), and 610 (rainy day). Reflects funds 101 and 300. '...

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