Summary: Warsaw Multi-School Building Corp., Indiana Warsaw Community Schools; School State Program

S&P Global Ratings assigned its 'AA+' long-term rating and 'A+' underlying rating to the series 2016 ad valorem property tax first-mortgage refunding and improvement bonds issued by Warsaw Multi-School Building Corp., Ind. on behalf of Warsaw Community Schools. At the same time, we affirmed our 'AA+' long-term rating and underlying rating (SPUR) on debt issued by and on behalf of Warsaw Community Schools. We also affirmed our 'A+' underlying rating on the building corporation's existing debt. The outlook on all ratings is stable. The 'AA+' rating reflects our view of the district's eligibility for, and participation in, the Indiana State Aid Intercept program. The credit characteristics of the rating are supported by the availability of state aid to be intercepted

...S&P Global Ratings assigned its '##+' long-term rating and 'A+' underlying rating to the series 2016 ad valorem property tax first-mortgage refunding and improvement bonds issued by Warsaw Multi-School Building Corp., Ind. on behalf of Warsaw Community Schools. At the same time, we affirmed our '##+' long-term rating and underlying rating (SPUR) on debt issued by and on behalf of Warsaw Community Schools. We also affirmed our 'A+' underlying rating on the building corporation's existing debt. The outlook on all ratings is stable. The '##+' rating reflects our view of the district's eligibility for, and participation in, the Indiana State Aid Intercept program. The credit characteristics of the rating are supported by the availability of state aid to be intercepted to cover debt service payments. The enhanced program rating reflects the district's coverage by state aid of over 2x of maximum annual debt service (MADS). The 'A+' underlying rating reflects our view of the district's general...

Summary