S&P Global Ratings assigned its 'AA+' long-term enhanced rating and 'A' underlying rating to Metropolitan School District of Steuben County, Ind.'s (the district) roughly $2.85 million series 2023 general obligation (GO) bonds. The outlook is stable. Ad valorem property taxes, subject to state circuit-breaker tax caps (circuit breakers), secure the series 2023 bonds. Circuit breakers limit the property tax burden for taxpayers based on a percent of gross assessed value. We rate this limited-tax GO pledge on par with our view of the district's general creditworthiness because property taxes are levied on all taxable properties and because of the fungibility of resources available for debt service. Officials intend to use series 2023 bond proceeds for deferred maintenance costs, such as
