Summary: North White Elementary School Building Corp., Indiana North White School Corp .; School State Program

S&P Global Ratings assigned its 'AA+' long-term rating and 'A+' underlying rating to North White Elementary School Building Corp., Ind.'s $10 million series 2020 ad valorem property tax first-mortgage bonds, issued on behalf of North White School Corp. At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating and 'A+' underlying rating on the school corporation's existing bonds. The outlook on all ratings is stable. The long-term rating reflects our assessment of the Indiana state aid intercept structure as it applies to the school corporation. Our rating, based on the state credit enhancement, is one notch below our issuer credit rating on Indiana (AAA/Stable), reflecting: State aid appropriation risks, which, in our view, are partially mitigated by strong

...S&P Global Ratings assigned its '##+' long-term rating and 'A+' underlying rating to North White Elementary School Building Corp., Ind.'s $10 million series 2020 ad valorem property tax first-mortgage bonds, issued on behalf of North White School Corp. At the same time, S&P Global Ratings affirmed its '##+' long-term rating and 'A+' underlying rating on the school corporation's existing bonds. The outlook on all ratings is stable. The long-term rating reflects our assessment of the Indiana state aid intercept structure as it applies to the school corporation. Our rating, based on the state credit enhancement, is one notch below our issuer credit rating on Indiana (###/Stable), reflecting: + State aid appropriation risks, which, in our view, are partially mitigated by strong state support for the program and consistent, well-established state aid funding; + Our expectation that maximum annual debt service (MADS) coverage on all parity debt by state aid payments, currently 4.1x, will remain...

Summary