S&P Global Ratings' long-term rating on the Indiana Finance Authority's revenue bonds, issued for the Community Foundation of Northwest Indiana Obligated Group (CFNI), is 'AA-'. The outlook is stable. Under CFNI's master trust indenture (MTI), an unrestricted accounts receivable pledge secures the bonds and other MTI-secured debt, including the organization's existing private placements. The 'AA-' rating reflects our view of CFNI's very strong financial profile, underlined by the organization's solid operating performance despite industrywide labor and inflationary pressures, as well as robust cash flow-generation capabilities. The rating also reflects CFNI's robust balance sheet, marked by a track record of healthy days' cash on hand (DCOH) and low leverage, with no new debt plans expected over the outlook period. The credit
