Summary: Indiana Bond Bank Indiana; Moral Obligation Nov 11

Standard & Poors, November 2011

Abstract
Standard & Poor's Ratings Services has assigned its 'AA' long-term rating, with a stable outlook, to Indiana Bond Bank's special program refunding bonds, series 2011A (South Bend TIF districts), supported by the state of Indiana (AAA/Stable issuer credit rating). The rating reflects Standard & Poor's view of the state's moral obligation pledge to replenish the debt service reserve fund. The moral obligation rating reflects what we view as the state's general credit characteristics and the risk of nonappropriation by the state general assembly. In addition, Standard & Poor's affirmed its ratings on the bond bank's debt outstanding. The bond bank will use the series 2011A bond proceeds to advance refund its series 2003 E (South Bend TIF district) bonds and...

Companies mentioned in this report are: Indiana,Indiana Bnd Bank
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Indiana,Indiana Bnd Bank

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