...S&P Global Ratings assigned its '##+' long-term rating and 'A+' underlying rating to Warsaw Community Schools, Ind.'s series 2018 general obligation (GO) bonds. The outlook is stable. The '##+' rating is based on the school district meeting our Indiana State Aid Intercept program rating criteria and on our assessment of the strength of the state aid intercept structure based on Section 20-48-1-11 of the Indiana Code. The enhanced rating reflects coverage of at least 2x maximum annual debt service (MADS) using state aid appropriated and allocated for distribution to the school district (in the state's fiscal year). Additionally, appropriated yet undisbursed state aid also provides at least 1x coverage of the maximum semiannual debt service payment. If these coverage thresholds are met and debt obligations contain certain bond provisions, we rate obligations that benefit from this statutory enhancement under the Intercept/Withholding program section of our State Credit Enhancement criteria....
