Ratings On Three Indiana Finance Authority Jointly Supported Bonds Lowered To 'AA-/A-1+'

CHICAGO (S&P Global Ratings) Feb. 1, 2021--S&P Global Ratings today lowered its ratings on Indiana Finance Authority series 2009's A-3, A-4, and A-5 bond issues to 'AA-/A-1+' from 'AA/A-1+'. Today's rating action reflects the Jan. 26, 2021, lowering of the long-term issuer credit rating on the obligor, Duke Energy Indiana Inc., to 'BBB+/A-2' from 'A-/A-2' (see "Duke Energy Corp. And Subsidiaries Downgraded To 'BBB+' On Coal Ash Settlement, Outlook Stable", published Jan. 26, 2021). The 'AA-' long-term component of our rating on US$77.125 million environment reference revenue bonds series 2009 A-3 due Dec. 1, 2039, is based on the joint support provided by Duke Energy Indiana Inc.('BBB+/A-2'), the obligor, and Mizuho Bank Ltd.('A/A-1'), the LOC provider, assuming a low correlation

...CHICAGO (S&P Global Ratings) Feb. 1, 2021--S&P Global Ratings today lowered its ratings on Indiana Finance Authority series 2009's A-3, A-4, and A-5 bond issues to '##-/A-1+' from '##/A-1+'. Today's rating action reflects the Jan. 26, 2021, lowering of the long-term issuer credit rating on the obligor, Duke Energy Indiana Inc., to '###+/A-2' from 'A-/A-2' (see "Duke Energy Corp. And Subsidiaries Downgraded To '###+' On Coal Ash Settlement, Outlook Stable", published Jan. 26, 2021). The '##-' long-term component of our rating on US$77.125 million environment reference revenue bonds series 2009 A-3 due Dec. 1, 2039, is based on the joint support provided by Duke Energy Indiana Inc.('###+/A-2'), the obligor, and Mizuho Bank Ltd.('A/A-1'), the LOC provider, assuming a low correlation level between the obligor and LOC provider. The 'A-1+' short-term component of our rating on the bonds depends on the short-term equivalent of the long-term rating. The long- and short-term ratings reflect the...

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