S&P Global Ratings has assigned its 'AAA' rating and stable outlook to the Indiana Finance Authority's series 2018B state revolving fund (SRF) program bonds, which are being designated as green bonds. The rating reflects our view of the authority's extremely strong enterprise and financial risk profiles. The 2018B bond proceeds will be used to make loans to SRF program participants. For additional information on factors supporting the rating please see our report, published Sept. 7, 2018, on RatingsDirect. The stable outlook reflects our expectation that, as additional bonds are issued, management will maintain annual cash flows that overcollateralize debt service expenses in a manner consistent with the rating level. If loan defaults or significant reductions in pledged reserves occur, we
