S&P Global Ratings assigned its 'AA+' long-term program rating and 'A' underlying rating to the Metropolitan School District of Steuben County, Ind.'s $5.135 million series 2022 general obligation (GO) bonds. The outlook is stable. The series 2022 GO bonds are secured by the school district's ad valorem property pledge, subject to state circuit-breaker tax caps, which caps the property tax burden for taxpayers based on a percentage of the real estate parcels' gross assessed value (AV). We view the rating to be at the same level as our view of the school district's general creditworthiness, reflecting that there are no significant limitations on the fungibility of resources. Proceeds from the 2022 GO bonds will finance various capital projects, including: all
