S&P Global Ratings assigned its 'AA+' program rating and 'AA-' underlying rating (SPUR) for credit program and stable outlook to Southwest Allen County Metropolitan School District, Ind.'s series 2019B general obligation (GO) bonds and affirmed its 'AA+' program rating and 'AA-' SPUR, with a stable outlook, on the district's existing GO debt that meets certain criteria for the Indiana State Aid Intercept program. In our opinion, increasing enrollment, linked to state aid, supports the district's strong cash-based reserves and history of stable financial operations. In addition, we consider its low debt and rapid amortization positive credit factors. Large, long-term debt plans that finance high-school construction somewhat limit the rating. The SPUR reflects our opinion of the district's: Participation in the
