Standard & Poor's Ratings Services said it raised its long-term ratings and underlying ratings to AA-plus from A on existing debt issued by various issuers on behalf of the Plainfield Community School Corp., Ind.
At the same time, Standard & Poor's said it assigned its AA-plus long-term rating to the school corporation's series 2013 general obligation bonds of 2013. The outlook on all the ratings is stable.
The AA-plus ratings reflect that the school corporation meets our Indiana State Aid Intercept Program criteria. The credit characteristics of the program are supported by the availability of state aid to be intercepted to cover debt service payments.
"The upgrade reflects the school corporation's state aid now exceeding maximum annual debt service by at least 2x," said Standard & Poor's credit analyst John Sauter.
The school corporation serves 27,844 residents over 36 square miles of southeastern Hendricks County, approximately 12 miles west of Indianapolis.
Management intends to use bond proceeds to fund renovations and improvements to Brentwood Elementary Schools, Clarks Creek Elementary School, and Plainfield Community Middle School.