Standard&Poor's Ratings Services has assigned its 'AA' long-term rating and stable outlook to Indianapolis Local Public Improvement Bond Bank, Ind.'s series 2011F bond bank bonds, reflecting Indianapolis' moral obligation pledge to replenish the debt service reserve fund, if needed. As such, the moral obligation rating reflects the city's credit characteristics and the risk of nonappropriation by the city-county council. The debt service reserve requirement for the series 2011F bonds is defined in the bond bank trust indenture as the greater of either the series 2011F bonds' annual proportionate share of the total parity subordinate bonds debt service multiplied by the rolling three-year maximum annual debt service (MADS) of the subordinate bonds or the annual debt service on the
