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

S&P Global Ratings has assigned its 'AA+' long-term rating and 'A+' underlying rating for credit program to South Madison Elementary School Building Corp., Ind.'s series 2018 ad valorem property tax first-mortgage bonds, issued for South Madison Community School Corp. (the school corporation). At the same time, we affirmed our 'AA+' long-term rating and 'A+' underlying rating on the school corporation's existing ad valorem first-mortgage bonds. The outlook on all the ratings is stable. The school corporation expects to use the bond proceeds for various construction, renovations, and improvement projects to Pendleton Heights High School. South Madison has been drawing on its cash reserves in recent years to fund projects. Nonetheless, cash reserves remain strong and continue to support the rating,

...S&P Global Ratings has assigned its '##+' long-term rating and 'A+' underlying rating for credit program to South Madison Elementary School Building Corp., Ind.'s series 2018 ad valorem property tax first-mortgage bonds, issued for South Madison Community School Corp. (the school corporation). At the same time, we affirmed our '##+' long-term rating and 'A+' underlying rating on the school corporation's existing ad valorem first-mortgage bonds. The outlook on all the ratings is stable. The school corporation expects to use the bond proceeds for various construction, renovations, and improvement projects to Pendleton Heights High School. South Madison has been drawing on its cash reserves in recent years to fund projects. Nonetheless, cash reserves remain strong and continue to support the rating, and the school corporation does not anticipate further spend downs....

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