S&P Global Ratings assigned its 'AA+' long-term rating and 'A+' underlying rating for credit program to Warsaw Community Schools, Ind.'s roughly $5.7 million series 2022 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating and 'A+' underlying rating on the district's previously issued GO debt. The outlook is stable. Ad valorem property taxes--levied on all taxable property within the school corporation, subject to state circuit-breaker tax caps that cap the property tax burden for taxpayers based on a percent of the real estate parcels' gross assessed value (AV)--secure the series 2022 GO bonds. We rate the debt at the same level as our view of the district's general creditworthiness because there are no
