Summary: South Madison Community School Corp., Indiana; School State Program

S&P Global Ratings has assigned its 'AA+' long-term rating and 'A+' underlying rating to South Madison Community School Corp., Ind.'s $6.105 million series 2023 general obligation (GO) bonds. At the same time, we affirmed our 'AA+' long-term rating and 'A+' underlying rating on existing debt issued by and on behalf of the school corporation. The outlook on all the ratings is stable. The series 2023 general obligation bonds are secured by ad valorem property taxes, subject to state circuit-breaker tax caps, which cap the property tax burden for taxpayers based on a percent of the real estate parcels' gross assessed value (AV). We rate the debt at the same level as our view of the school corporation's general creditworthiness because

... 2022 2021 2020 Debt service % of governmental fund noncapital expenditures Moderate 14.7 15.8 16.2 Direct debt 10-year amortization (%) Rapid 100 100 100 100 Required pension contribution % of governmental fund expenditures 2.3 2.4 2.5 OPEB actual contribution % of governmental fund expenditures 0.0 Minimum funding progress, largest pension plan (%) 133.6 161.8 116.2 EBI--Effective buying income. OPEB--Other postemployment benefits....

Summary