...S&P Global Ratings assigned its '##+' long-term program rating and 'A' underlying rating to the Metropolitan School District of Steuben County K-5 Building Corp., Ind.'s $5.8 million series 2022A and $5.8 million series 2022B ad valorem property tax first-mortgage bonds issued for the Metropolitan School District of Steuben County. 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. The series 2022A and 2022B bonds are secured by lease payments payable from ad valorem property taxes, subject to state circuit-breaker tax caps, but not subject to annual appropriation. Insurance provisions mitigate abatement risk, and we believe construction risks have been sufficiently mitigated, because the leased premises will remain in use during construction. All existing debt is also subject to the tax caps, which caps the property tax burden for taxpayers based...
