...S&P Global Ratings affirmed its 'A+' underlying rating and '##+' program rating on Marion High School Building Corp., Ind.'s debt, issued for Marion Community Schools (the school corporation). The outlook is stable. The program rating reflects our assessment of the school corporation's eligibility for, and participation in, the Indiana State Aid Intercept Program. The strength and availability of state aid to intercept program participants support the program's credit characteristics. The district has historically maintained very strong reserves, which we view as a credit strength as they give the district cushion to adjust its budget in the event of unexpected budget pressures such as enrollment declines. The district has intentionally spent down a portion of its reserves in recent years, but plans to stabilize them above 30% of expenditures over the next two years. In our view, this level of reserves would still provide the district with sufficient cushion at the 'A+' rating level and...
