...S&P Global Ratings has assigned its '##+' long-term program rating and 'A+' underlying rating to Marion High School Building Corp., Ind.'s series 2020A and series 2020B ad valorem property tax first-mortgage refunding bonds, issued for Marion Community Schools. At the same time, we affirmed our '##+' long-term program rating and 'A+' underlying rating on existing debt issued by and for the school corporation. The outlook on the program rating is stable and reflects that of the state. The outlook on the underlying rating is stable. Officials intend to use the series 2020A bond proceeds to finance lighting, boiler, and chiller replacements. Officials intendent to use the series 2020B bond proceeds for the renovation of and improvements to Allen Elementary Schools, as well as to fund a multi-facility heating, ventilation, and air conditioning (HVAC) project. The program rating reflects our assessment of the Indiana State Aid Intercept program structure as it applies to the district. The state...
