Standard&Poor's Ratings Services has assigned its 'AA' long-term rating to the Indianapolis Local Public Improvement Bond Bank, Ind.'s series 2013K and 2013L bonds. The outlook is stable. The 'AA' rating reflects Indianapolis' moral obligation pledge to replenish the debt service reserve (DSR) fund, if needed. As such, the moral obligation rating reflects the city of Indianapolis' credit characteristics ('AAA' issuer credit rating) and the risk of nonappropriation by the city-county council. The DSR requirement for the series 2013K and 2013L bonds is defined in the bond bank indenture as the greater of either the series 2013K and 2013L bonds' annual proportionate share of the total parity subordinate bonds' debt service multiplied by the rolling three-year maximum annual debt
