Summary: Warsaw Community Schools; School State Program

S&P Global Ratings assigned its 'AA+' long-term enhancement rating and 'A+' underlying rating for credit program and stable outlook to Warsaw Community Schools, Ind.'s approximately $30 million series 2022 limited-tax ad valorem property tax first-mortgage bonds, issued by Warsaw Multi-School Building Corp., and affirmed its 'AA+' long-term enhancement rating and 'A+' underlying rating, with a stable outlook, on the district's existing GO debt. Officials intend to use series 2022 bond proceeds to fund renovations and improvements to Warsaw High School, including classroom additions and renovations; safety-and-security improvements; and heating, ventilation, and air-conditioning improvements. A pledge of lease payments, payable from ad valorem property taxes, subject to state circuit-breaker tax caps but not subject to annual appropriation, secures the series 2022

...S&P Global Ratings assigned its '##+' long-term enhancement rating and 'A+' underlying rating for credit program and stable outlook to Warsaw Community Schools, Ind.'s approximately $30 million series 2022 limited-tax ad valorem property tax first-mortgage bonds, issued by Warsaw Multi-School Building Corp., and affirmed its '##+' long-term enhancement rating and 'A+' underlying rating, with a stable outlook, on the district's existing GO debt. Officials intend to use series 2022 bond proceeds to fund renovations and improvements to Warsaw High School, including classroom additions and renovations; safety-and-security improvements; and heating, ventilation, and air-conditioning improvements. A pledge of lease payments, payable from ad valorem property taxes, subject to state circuit-breaker tax caps but not subject to annual appropriation, secures the series 2022 bonds. Insurance provisions mitigate abatement risk, and we view construction risk as sufficiently mitigated because the school...

Summary