The 'AA-/A-1+' rating assigned to Indiana Finance Authority?s (the issuer's) Midwestern disaster relief revenue bonds series 2012C (for the Ohio Valley Electric Corp. project) reflects our opinion of the credit and liquidity support that The Bank of Nova Scotia ('AA-/A-1+') provides in the form of an irrevocable direct-pay letter of credit (LOC). Under the LOC, The Bank of Nova Scotia fully supports all bond payment obligations when the bonds are in the daily and weekly interest rate modes. Therefore, our rating applies only during these rate modes. If the bonds are converted to another rate mode, we will likely withdraw our rating (see the Structural Analysis section for more information). The 'AA-' long-term component of our rating is based on
