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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.