Indiana Finance Authority Community Foundation of Northwest Indiana Obligated Group; System

S&P Global Ratings assigned its 'AA-' long-term and underlying rating (SPUR) to Indiana Finance Authority's series 2019 revenue bonds, issued for Community Foundation of Northwest Indiana Obligated Group (CFNI). At the same time, S&P Global Ratings affirmed its 'AA-' long-term and underlying (SPUR) ratings on CFNI's existing debt. The outlook is stable. The roughly $174 million series 2019 public fixed-rate taxable bonds are being issued primarily to refund CFNI's series 2012 debt ($159.3 million). The rating reflects our view of CFNI's favorable financial profile, including favorable operating results and cash flow, contributing to continued improvement in key balance sheet metrics that are in line with the current rating. Furthermore, the 2019 financing should result in improved maximum annual debt service

...S&P Global Ratings assigned its '##-' long-term and underlying rating (SPUR) to Indiana Finance Authority's series 2019 revenue bonds, issued for Community Foundation of Northwest Indiana Obligated Group (CFNI). At the same time, S&P Global Ratings affirmed its '##-' long-term and underlying (SPUR) ratings on CFNI's existing debt. The outlook is stable. The roughly $174 million series 2019 public fixed-rate taxable bonds are being issued primarily to refund CFNI's series 2012 debt ($159.3 million). The rating reflects our view of CFNI's favorable financial profile, including favorable operating results and cash flow, contributing to continued improvement in key balance sheet metrics that are in line with the current rating. Furthermore, the 2019 financing should result in improved maximum annual debt service (MADS) coverage and debt metrics. The rating also reflects our view of CFNI's strong enterprise profile underlined by their ability to maintain their leading business position in the...

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