Summary: Southwest Allen County Metropolitan School District, Indiana; School State Program

S&P Global Ratings assigned its 'AA+' rating and stable outlook to Southwest Allen County Metropolitan School District, Ind.'s series 2018 ad valorem property tax general obligation (GO) bonds enhanced by the state of Indiana's state aid intercept statute. Intercept or withholding enhancements operate on the strength and availability of state aid, which can be diverted to a paying agent if a local government cannot make its full and timely debt service payment. S&P Global Ratings rates intercept or withholding programs that meet certain requirements at a level one notch off of the state GO rating or issuer credit rating (ICR)–on par with the state appropriation rating–reflecting the appropriation nature of the intercept or withholding mechanism. Accordingly, if Indiana's ICR changes,

...S&P Global Ratings assigned its '##+' rating and stable outlook to Southwest Allen County Metropolitan School District, Ind.'s series 2018 ad valorem property tax general obligation (GO) bonds enhanced by the state of Indiana's state aid intercept statute. Intercept or withholding enhancements operate on the strength and availability of state aid, which can be diverted to a paying agent if a local government cannot make its full and timely debt service payment. S&P Global Ratings rates intercept or withholding programs that meet certain requirements at a level one notch off of the state GO rating or issuer credit rating (ICR)¡on par with the state appropriation rating¡reflecting the appropriation nature of the intercept or withholding mechanism. Accordingly, if Indiana's ICR changes, so will the enhancement rating. We view the following characteristics as supporting strengths to the '##+' Indiana state aid intercept enhanced ratings:...

Summary