Fitch assigns AAA/F1+ to Indianapolis airport bonds

Fitch Ratings said it assigned AAA/F1+ ratings to the Indianapolis Local Public Improvement Bond Bank's $350 million variable-rate bonds, series 2008C, to be issued for the Indianapolis Airport Authority Project.

The long-term AAA rating assigned to the bonds is based on the support provided by the financial guaranty insurance policy issued by Financial Security Assurance, Inc. The policy, which insures the scheduled payments of principal and interest, extend to the respective maturity dates of each of the seven subseries of bonds: Jan. 1, 2037 for subseries 2008C-1; Jan. 1, 2036 for subseries 2008C-2; and Jan. 1, 2033 for subseries 2008C-3 through 2008C-7.

The short-term F1+ rating on the bonds is based on the liquidity support of the standby bond purchase agreement provided by Dexia Credit Local acting through its New York branch.

The proceeds of the bonds will be used to purchase the Indianapolis Airport Authority variable-rate airport revenue bonds, series 2008A, and to pay the cost of issuing and selling the bonds.

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