...S&P Global Ratings assigned its '##+' long-term program rating and 'A' underlying rating to Metropolitan School District of Steuben County, Ind.'s (the district or school corporation) $5.6 million series 2021 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its '##+' long-term program rating and 'A' underlying rating on various bonds issued on behalf of the district. The outlook on all ratings is stable. Proceeds from this series will be used by the district to provide system upgrades and other renovation efforts. The long-term program rating reflects our assessment of the Indiana state aid intercept structure as it applies to the school corporation. Our rating, based on the state credit enhancement, is one notch below our issuer credit rating on Indiana (###/Stable), reflecting: + State aid appropriation risks that, in our view, are partially mitigated by strong state support for the program and consistent, well-established state aid funding; + Our expectation...
