...S&P Global Ratings assigned its '##-' underlying rating and '##+' long-term rating to Southwest Allen Multi School Building Corp., Ind.'s series 2018 ad valorem property tax first-mortgage bonds, issued for the Southwest Allen County Metropolitan School District. At the same time, S&P Global Ratings affirmed its '##+' long-term rating on bonds issued by and on behalf of the school district. The outlook is stable. The '##+' rating is contingent on the school district's meeting our Indiana State Aid Intercept program rating criteria and on our assessment of the strength of the state aid intercept structure, which is based on Section 20-48-1-11 of the Indiana Code. The enhanced rating reflects at least 2x maximum annual debt service (MADS) coverage using state aid appropriated and allocated for distribution to the school corporation (during the state's fiscal year). In addition, appropriated yet undisbursed state aid should provide at least 1x maximum semiannual debt service coverage. If these...
