S&P Global Ratings' long-term rating and underlying rating (SPUR) on the Indiana Finance Authority's revenue bonds, issued for the Community Foundation of Northwest Indiana Obligated Group (CFNI), is 'AA-'. The outlook is stable. Under CFNI's master trust indenture (MTI), an unrestricted accounts receivable pledge secures the bonds and other MTI-secured debt, including the organization's existing private placements. The 'AA-' rating reflects our view of CFNI's very strong financial profile, underlined by the organization's consistently solid operating performance, robust cash flow, and healthy balance sheet. The rating also reflects our view of CFNI's healthy enterprise profile, highlighted by the organization's leading business position and leading market share in the competitive northwest Indiana market, robust demand for services, strong physician network, favorable
