S&P ups Indiana Finance bonds to AA+

Standard & Poor's said it raised the long-term component of its rating on Indiana Finance Authority's stadium project bonds to AA+ from AA due to its upgrade of the state's issuer credit rating to AAA and assigned an AA+/A-1+ rating to the $55 million series 2008A stadium bonds. The outlook is stable.

The short-term component of the rating reflects a standby bond purchase agreement provided severally by RBS Citizens NA (AA-/A-1+), JPMorgan Chase NA (AA/A-1+) and the Bank of New York Mellon (AA/A-1+).

S&P also raised to AA+ from AA its rating on the authority's $71.25 million series 2003C and 2003D facilities revenue refunding bonds, which are being converted to term-rate period from auction-rate securities on Aug. 13.

The bonds were issued by the Indiana State Office Building Commission, a predecessor agency, for the Wabash Valley Correctional Facility and the Rockville Correctional Facility, respectively.

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