S&P Global Ratings affirmed its 'A' underlying rating for credit program on South Spencer School Building Corp., Ind.'s series 2018 first-mortgage bonds, issued for South Spencer County School Corp. (SSCSC). The outlook is stable. SSCSC's only debt are series 2018 first-mortgage bonds, secured by nonappropriation lease payments payable from ad valorem property taxes subject to state-imposed tax caps (circuit-breakers) that limit the property tax burden for taxpayers based on a percent of gross assessed value (AV). Despite this limitation, we rate the underlying rating on par with our view of SSCSC's general creditworthiness because it collects ad valorem property taxes from the entire property tax base and there are no limitations on the fungibility of resources available for debt service.
