S&P Global Ratings assigned its 'AA+' rating to Indiana Bond Bank 's (IBB's) approximately $76.035 million Community Funding Resource Program (CFRP) series 2025A-1 senior lien bonds. The outlook is stable. CHICAGO (S&P Global Ratings) Oct. 7, 2025--S&P Global Ratings today took the ratings actions listed above. The stable outlook reflects our expectation that, as additional bonds are issued, management will maintain annual cash flow that over-collateralizes debt service requirements on the senior lien bonds in a manner consistent with the rating. We could lower the rating if additional senior lien bond issuance materially weakens loss coverage through additional leverage of the pool. We could also lower the rating if the program began to experience a material number of defaults and
