Standard&Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to South Spencer County Elementary School Building Corp., Ind.'s series 2007 first mortgage bonds, issued for South Spencer County School Corp. The rating reflects the school corporation's eligibility for, and participation in, the Indiana State Aid Intercept Program. The credit characteristics of the program are supported by the strength and availability of state aid to the intercept program participants. Standard&Poor's rates four different types of state programs, in more than 20 states, that provide enhancement for school bond issues. These program types include state guarantee, permanent fund, annual appropriation, and state intercept or withholding programs. Each state program is analyzed according to the program type and
