S&P Global Ratings assigned its 'AA+' long-term enhanced rating and 'A' underlying rating for credit program to Metropolitan School District of Steuben County, Ind.'s roughly $6.105 million series 2023 ad valorem property tax first mortgage bonds. S&P Global Ratings also affirmed its 'AA+' long-term enhanced rating and 'A' underlying rating on the district's outstanding property tax-backed debt. The outlook is stable. The series 2023 bonds are secured by lease payments payable from ad valorem property taxes, subject to state circuit-breaker tax caps but not to annual appropriation. We have reviewed the lease under our criteria and view the lease terms as standard. We rate the bonds at the same level as our view of the district's general creditworthiness, reflecting that there are
