Summary: Metropolitan School District School Building Corp. of New Durham Township, Indiana Metropolitan School District of New Durham Township; School State Program

S&P Global Ratings raised its underlying rating to 'A' from 'A-' on the Metropolitan School District of New Durham Township (MSDNDT), Ind.'s existing tax-backed debt. At the same time, S&P Global Ratings assigned its 'AA+' long-term rating and 'A' underlying rating to the Metropolitan School District of New Durham Township School Building Corp. (school corporation)'s $2.5 million series 2021 ad valorem property tax first mortgage bonds. S&P Global Ratings also affirmed its 'AA+' long-term rating on the school corporation's existing tax-backed debt. The outlook on all ratings is stable. The series 2021 ad valorem property tax first-mortgage bonds are secured by lease payments payable from ad valorem property taxes, subject to state circuit-breaker tax caps, but not subject to annual

...S&P Global Ratings raised its underlying rating to 'A' from 'A-' on the Metropolitan School District of New Durham Township (MSDNDT), Ind.'s existing tax-backed debt. At the same time, S&P Global Ratings assigned its '##+' long-term rating and 'A' underlying rating to the Metropolitan School District of New Durham Township School Building Corp. (school corporation)'s $2.5 million series 2021 ad valorem property tax first mortgage bonds. S&P Global Ratings also affirmed its '##+' long-term rating on the school corporation's existing tax-backed debt. The outlook on all ratings is stable. The series 2021 ad valorem property tax first-mortgage bonds are secured by lease payments payable from ad valorem property taxes, subject to state circuit-breaker tax caps, but not subject to annual appropriation. Insurance provisions mitigate abatement risk, and we believe construction risks have been sufficiently mitigated as the leased premises will remain in use through the duration of the project. All...

Summary