Summary: Southwest Allen Multi-School Building Corp., Indiana Southwest Allen County Metropolitan School District; School State Program

S&P Global Ratings assigned its 'AA+' program rating and 'AA-' underlying rating for credit program and stable outlook to Southwest Allen Multi-School Building Corp., Ind.'s roughly $4.8 million series 2020 general obligation (GO) bonds and roughly $149.125 million series 2020 ad valorem property tax first-mortgage bonds, issued for Southwest Allen County Metropolitan School District. At the same time, S&P Global Ratings affirmed its 'AA+' program rating and 'AA-' underlying rating, with a stable outlook, on the corporation's existing GO debt. The program rating reflects our assessment of the Indiana State Aid Intercept program structure as it applies to the school corporation. The program rating is one notch below our issuer credit rating on Indiana, reflecting: State-aid-appropriation risks, partially mitigated by,

...S&P Global Ratings assigned its '##+' program rating and '##-' underlying rating for credit program and stable outlook to Southwest Allen Multi-School Building Corp., Ind.'s roughly $4.8 million series 2020 general obligation (GO) bonds and roughly $149.125 million series 2020 ad valorem property tax first-mortgage bonds, issued for Southwest Allen County Metropolitan School District. At the same time, S&P Global Ratings affirmed its '##+' program rating and '##-' underlying rating, with a stable outlook, on the corporation's existing GO debt. The program rating reflects our assessment of the Indiana State Aid Intercept program structure as it applies to the school corporation. The program rating is one notch below our issuer credit rating on Indiana, reflecting: + State-aid-appropriation risks, partially mitigated by, in our view, strong state support for the program and consistent, well-established state aid funding; + Our expectation maximum annual debt service coverage (DSC) on all...

Summary