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Summary: Indianapolis Local Public Improvement Bond Bank Indianapolis, Indiana; Joint Criteria; Water/Sewer Mar 11

  • ID: 1806464
  • March 2011
  • Region: Indiana
  • Standard & Poors
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Abstract
Standard & Poor's Rating Services lowered its rating to 'A+' from 'AA-'on Indianapolis Local Public Improvement Bond Bank, Ind.'s waterworks debt, issued for Indianapolis, reflecting the waterworks department's very low liquidity position, to the extent that the utility currently relies on non-utility funds to help manage cash flow, despite its adequate debt service coverage. The outlook is stable. At the same time, we assigned our 'A+' rating and stable outlook to the Bond Bank's 2011E waterworks revenue bonds, issued for the Indianapolis Department of Waterworks. The 'A+' ratings reflect our view of the utility's: Deep, diverse, and moderately growing service area; Good system capacity; and Financial and administrative support from both Indianapolis and Veolia Water Indianapolis LLC, which is expected...

Companies mentioned in this report are: Indianapolis,Indianapolis Local Public Improvement Bond Bank
Action: Downgraded

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Indianapolis,Indianapolis Local Public Improvement Bond Bank

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