S&P Global Ratings has assigned its 'AA+' rating to Indiana Finance Authority's (IFA) series 2016A facilities revenue bond (Central Indiana Neuro-Diagnostic Institute project). The outlook is stable. We understand management will use bond proceeds to construct the Central Indiana Neuro-Diagnostic Institute and Advanced Treatment Facility. The 'AA+' rating reflects our view of the following factors: The requirement that the state make requests for appropriation of lease rental payments; The constitutional prohibition against Indiana issuing general obligation debt, which enhances the security of its appropriation-backed debt; and Indiana's general credit strengths, as encompassed in our 'AAA' issuer credit rating (ICR) and stable outlook on the state. The bonds are limited obligations of IFA, payable solely from and secured exclusively by a
