Standard&Poor's Ratings Services lowered its issuer credit rating (ICR) to 'AA' from 'AAA' on Indianapolis, Ind., based on our recently released local general obligation (GO) criteria. At the same time, we lowered our ratings on the city's GO and ad-valorem property tax-backed debt to 'AA' from 'AAA', certificates of participation (COPs) to 'AA-' from 'AA+', and moral obligation-backed debt to 'A' from 'AA'. The outlook on all debt is stable. The 'AA' ratings are based on ad-valorem property tax pledges, subject to state circuit-breaker legislation. The 'AA-' rating on the COPs reflects annual appropriation risk, and the 'A' rating on the moral obligation debt is based on the city's moral obligation pledge to replenish debt service reserve funds,
