...S&P Global Ratings assigned its '##+' long-term program rating and 'A' underlying rating for credit program to South Spencer School Building Corp., Ind.'s series 2017 first-mortgage bonds, issued for South Spencer County School Corp. At the same time, S&P Global Ratings affirmed its '##+' long-term program rating on the district's existing debt. The outlook is stable. The '##+' rating reflects the school corporation meeting our Indiana state aid intercept program rating criteria and our assessment of the strength of the state aid intercept structure based on Section 20-48-1-11 of the Indiana Code. The enhanced rating reflects coverage of at least 2x maximum annual debt service using state aid appropriated and allocated for distribution to the school district (in the state's fiscal year). In addition, appropriated yet undisbursed state aid also provides at least 1x coverage of the maximum semiannual debt service payment. If these coverage thresholds are met and debt obligations contain certain...
