School Town of Munster, IN Outlook Revised To Positive On Improved #BB# Underlying Rating Affirmed

Stocks and Financial Services Press Releases Tuesday August 15, 2017 09:37
CHICAGO--15 Aug--S&P Global Ratings

CHICAGO (S&P Global Ratings) Aug. 14, 2017--S&P Global Ratings revised its outlook to positive from stable and affirmed its 'BB' underlying rating on Munster School Building Corp., Ind.'s first-mortgage bonds, issued for School Town of Munster (the school corporation or district).

In addition, we affirmed our 'AA+' long-term program rating, with a stable outlook, on previously rated bonds. "The positive outlook on the underlying reflects our view that there is one-in-three chance the rating could improve over the next two years," said S&P Global Ratings credit analyst Anna Uboytseva.

We view the alignment between revenues and expenditures as much improved due largely to the districts success in obtaining new referendum levies and the administration's heightened emphasis on correcting the district's fiscal structure in the past two budgets.

The positive outlook reflects our belief that there is a one-in-three chance the underlying rating could be raised in the next two years.

Eliminating the chronic operating fund deficit could strengthen credit quality by improving the district's ability to fund its obligations--including its high debt service costs--under a variety of economic and revenue scenarios. The school corporation is located in Lake County, approximately 24 miles southeast of Chicago.

The district serves an estimated population of 23,456 and its boundaries are coterminous with those of the town of Munster. Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information.

Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and atwww.spcapitaliq.com.
All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.

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