On Dec. 23, 2013, Standard&Poor's Ratings Services assigned its 'A-/A-2' rating to Indiana Finance Authority's (the issuer's) $6.5 million adjustable-rate demand revenue bonds series 2013 (for the L3 Corp. project) due July 1, 2028 (the bonds). The 'A-/A-2' rating reflects our opinion of the credit and liquidity support that Fifth Third Bank ('A-/A-2') provides in the form of an irrevocable direct-pay letter of credit (LOC) during the variable interest rate mode (the rated mode). The LOC covers the entire principal balance and 45 days of interest accruals at a maximum bond rate of 10%. During the rated mode, we believe that the coverage amount is sufficient to pay bond principal and maximum accrued interest, taking into account the
