...S&P Global Ratings assigned its 'SP-1' short-term rating to Indiana Bond Bank's approximately $83 million series 2021 A advance funding program notes. The notes are secured by the repayment of tax and revenue anticipation warrants issued for 22 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 revenue sources, which consist mostly of ad valorem property taxes, and--in some cases--state aid; + Uncertainty regarding the accuracy of cash-flow projections and the potential for participants' fiscal performance to fluctuate; + Strong borrowing limits and program oversight as set by the Indiana Bond Bank; and + Rating over-collateralization (11% 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....
