...S&P Global Ratings affirmed its '##-' long-term rating on Brownsburg Redevelopment Authority, Ind.'s series 2015 economic development income tax (EDIT) lease rental bonds, issued for the town of Brownsburg, Ind. The outlook is stable. The '##-' rating is based on Brownsburg's distributive share of EDIT collections. The 2015 A EDIT lease rental bonds are issued pursuant to a trust indenture between the authority and the trustee, and a lease. Lease rentals paid by the town's redevelopment commission directly to the trustee secure the bonds. Rentals are payable from a pledge of the town's distributive share of EDIT collections. The EDIT pledge is not subject to annual appropriation under Indiana law. However, there is abatement risk, as the town is required to abate lease rentals in the event the leased premises are not available for use. This risk is mitigated, in our view, by the lease requiring the town to substitute the premises for a different asset with equal or greater value if the...
