...April 11, 2025 CHICAGO (S&P Global Ratings) April 11, 2025-- S&P Global Ratings assigned its '###' long-term rating to the Indiana Finance Authority's (IFA) $235 million series 2025C state revolving fund (SRF) program bonds. S&P Global Ratings also affirmed its '###' long-term rating on IFA's debt outstanding under its wastewater and drinking water bond indentures, and on IFA's 2019 Water Infrastructure Finance and Innovation Act (WIFIA) loan agreement. The outlook is stable. IFA's SRF program bonds and WIFIA loan agreement benefit from significant excess coverage arising from cross-collateralized repayments from reserve accounts, as well as its capability to pay debt service or generate new loans from equity accounts. "The stable outlook reflects our expectation that, as additional bonds are issued, management will maintain annual cash flow that over-collateralizes debt service requirements in a manner consistent with the rating level," said S&P Global Ratings credit analyst John Kennedy....
