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 2018 first-mortgage bonds issued by Warsaw Multi-School Building Corp., Ind.. 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 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

...S&P Global Ratings assigned its '##+' long-term rating and 'A+' underlying rating to the series 2018 first-mortgage bonds issued by Warsaw Multi-School Building Corp., Ind.. 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 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...

Summary