...S&P Global Ratings raised its long-term rating on the City of Indianapolis' ad valorem tax-secured bonds one notch to '##+' from '##'. The outlook is stable. The upgrade reflects the economic and financial progress Indianapolis has achieved in recent years, as well as improved managerial practices. Economically, the city continues to advance and diversify at a faster rate than many other Midwestern counterparts. Financially, it is benefiting from the tax base growth and continues to demonstrate budgetary balance while positioning itself well to address identified challenges of high public safety costs and aging infrastructure. In our view, the city's management team is committed to disciplined budgeting and long-term planning to prepare for these pressures. A rating strength for the city is its favorable pension and other postemployment benefit (OPEB) obligations, relative to that of peers, which affords it more flexibility to address other budget pressures. Its high debt burden remains...
