Summary: Marion High School Building Corp., Indiana Marion Community Schools; General Obligation Equivalent Security; School State Program May 12

Standard & Poors, May 2012

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' program rating and 'A+' school issuer credit rating (ICR) and stable outlook to Marion High School Building Corp., Ind.'s series 2012 ad valorem property tax first-mortgage refunding bonds, issued for Marion Community Schools (the school corporation), and affirmed its 'AA+' program rating, with a stable outlook, on the building corporation's existing first-mortgage bonds, issued for the school corporation. The program rating reflects our assessment of the school corporation's eligibility for, and participation in, the Indiana State Aid Intercept Program. The strength and availability of state aid to intercept program participants support the program's credit characteristics. The ICR reflects our view of the school corporation's: Very strong finances, denoted by surpluses in each...

Companies mentioned in this report are: Marion Comnty Schs,Marion High Sch Bldg Corp
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Marion Comnty Schs,Marion High Sch Bldg Corp

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