...S&P Global Ratings assigned its 'SP-1' short-term rating to Indiana Bond Bank's series 2020A advance funding program notes. The notes are secured by the repayment of tax and revenue anticipation warrants issued for 20 local governments in Indiana. The 'SP-1' rating reflects our view of: + The mixed short-term credit quality of the pool of participants, ranging from satisfactory to very strong; + Generally stable pledged revenues sources, which consist mostly of ad valorem property taxes, and--in some cases--state aid; + Uncertainty regarding the accuracy of cash-flow projections and potential for fluctuating fiscal performance of participants; + Strong borrowing limits and program oversight as set by the Indiana Bond Bank; and + Rating over-collateralization (9% of par) of the notes' par amount by a standby credit facility issued by the state of Indiana (###/Stable), which can be drawn on to cover a payment shortfall from any participant. The bond bank will use the approximately $78 million...
