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

S&P Global Ratings assigned its 'AA+' long-term enhanced rating and 'AA-' underlying rating (SPUR) to Southwest Allen Multi-School Building Corp., Ind.'s roughly $6.29 million series 2024 ad valorem property-tax first-mortgage revenue bonds; roughly $6.35 million series 2024A general obligation (GO) bonds; and roughly $6.35 million series 2024B GO bonds, issued for Southwest Allen County Metropolitan School District. At the same time, S&P Global Ratings affirmed its 'AA+' long-term enhanced rating and 'AA-' SPUR on the district's existing GO debt. The outlook is stable. The district's ad valorem-property-tax pledge secures the series 2024 bonds. Lease payments by the school corporation to the trustee, according to the trust indenture, also secure the series 2024 first-mortgage bonds. First-mortgage bonds are subject to circuit-breaker

... 2023 2022 2021 Financial indicators Total available reserves ($000) 20,357 18,933 17,805 Available reserves as a % of operating expenditures Very strong 26.2 26.6 26.7 Total government cash as a % of governmental fund expenditures 32.5 29.8 30.2 Operating fund result as a % of expenditures 1.8 1.6 2.3 Financial Management Assessment Standard Enrollment 7,425 7,737 7,775 Debt and long-term liabilities Overall net debt as a % of market value Moderate 3.0 2.6 3.0 3.2 Overall net debt per capita ($) Moderate 4,664 4,099 4,223 4,347 Debt service as a % of governmental fund noncapital expenditures Moderate 14.0 15.3 13.5 Direct debt 10-year amortization (%) Average 55.9 48.9 44.9 41.6 Required pension contribution as a % of governmental fund expenditures 2.8 2.7 2.8 Other postemployment benefits actual contribution as a % of governmental fund expenditures Minimum funding progress, largest pension plan (%) 121.1 133.6 161.8...

Summary