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S&P ups Indiana Finance stadium bonds
Standard & Poor' said that it raised the long-term rating on Indiana Finance Authority's series 2005A and 2007A stadium project bonds to AA from A+ and revised the outlook on these bonds to stable from positive.
The bonds are supported by the State of Indiana.
"The rating upgrade reflects the security of the state's appropriation-backed pledge and the lack of concern over construction risk," said S&P credit analyst Eden Perry in a news release.
S&P also assigned a short-term rating of A-1+ to the bonds.
The short-term rating assignment reflects a standby bond purchase agreement provided on a several basis by JPMorgan Chase Bank NA (AA/stable/A-1+), Dexia Credit Local (AA/stable/A-1+), RBS Citizens NA (AA-/negative/A-1+), and Bank of New York, NY (AA-/positive/A-1+) for the purchase price of tendered, but unremarketed weekly and daily rate bonds. The bonds are converting to weekly rate mode from auction-rate mode upon initial conversion dates.
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