S&P Global Ratings long-term and underlying rating (SPUR) on the Indiana Finance Authority's series 2019 revenue bonds and existing debt, issued for the Community Foundation of Northwest Indiana (CFNI) is 'AA-'. The outlook is stable The 'AA-' rating reflects our view of CFNI's very strong financial profile, underlined by CFNI's consistently strong operating performance, robust cash flow, and growing balance sheet. Favorable fiscal 2020 and interim 2021 operating results are attributed to better-than-anticipated volume metrics (despite COVID-19), service-line growth, outpatient expansion, favorable Indiana Hospital Assessment Fee reimbursement, and the receipt and recognition of COVID-19-related stimulus funds. The rating also reflects our view of CFNI's healthy enterprise profile highlighted by its leading business position and growing market share in the competitive
