S&P Global Ratings has assigned its 'AAA' long-term rating to the Indiana Finance Authority's (IFA) series 2016D and E state revolving fund (SRF) program bonds, both of which have been designated by IFA as green bonds. We have also affirmed our 'AAA' long-term rating on the IFA's previously issued debt under its bond indenture. The outlook is stable. The ratings reflect the following characteristics: An extremely strong enterprise risk profile, given that the pool has ongoing support from multiple levels of government and was established by statute; and An extremely strong financial risk profile, reflected by its loss coverage score (LSC), operating performance, and financial policies. Because we view securitizations backed by pools of public-sector assets as highly sensitive to
