OREANDA-NEWS. S&P Global Ratings assigned its 'AA+' long-term rating and 'A' underlying rating for credit program to Rush County Elementary Schools Building Corp., Ind.'s series 2016 ad valorem property tax first-mortgage refunding and improvement bonds, issued for Rush County Schools. The outlook on all the ratings is stable.

The 'AA+' program rating is based on the school district meeting our Indiana State Aid Intercept program rating criteria and having state aid cover maximum annual debt services by more than 2x. The credit characteristics of the rating are supported by the availability of state aid to be intercepted to cover debt service payments.

"The 'A' rating reflects our view of the school district's general creditworthiness, including its good income indicators and very strong market value per capita, strong cash reserves, and low to moderate overall debt burden with no additional debt plans," said S&P Global Ratings credit analyst Kathryn Clayton.

Proceeds from the 2016 ad valorem property tax first-mortgage refunding and improvement bonds will be used to refinance the series 2008A and 2008B first-mortgage bonds, and to finance several renovation and improvement projects at district facilities.