...Standard & Poor's Ratings Services has assigned its 'A+' underlying rating and '##+' enhanced program rating to South Madison Middle School Building Corp., Ind.'s series 2016 ad valorem property tax first-mortgage refunding bonds, issued on behalf of South Madison Community School Corp. At the same time, we affirmed our 'A+' underlying and '##+' program ratings on outstanding first-mortgage bonds issued by various building corporations on behalf of the school corporation. The outlook for all ratings is stable. The school corporation's first-mortgage bonds are secured by lease rental payments from the school corporation to the building corporation pursuant to a lease agreement between the two parties. The lease rentals are paid directly to an independent trustee and are derived from ad valorem property taxes levied on all taxable property within the corporation, subject to Indiana's circuit-breaker legislation (limiting individual taxpayers' tax liability to a specified percentage of their...
