Summary: Indianapolis Local Public Improvement Bond Bank; Water/Sewer

S&P Global Ratings assigned its 'AAA' rating, with a stable outlook, to Indianapolis Local Public Improvement Bond Bank, Ind.'s series 2022C stormwater revenue bonds, issued for the Marion County Stormwater Management District, and affirmed its 'AAA' rating, with a stable outlook, on the bond bank's existing stormwater system senior-lien revenue debt, issued for Indianapolis. Officials intend to use the $50 million of series 2022C bond proceeds and bond premium to refund series 2019A subordinate-lien bond bank notes, finance additional stormwater projects, and pay issuance costs. Following this issuance, the bond bank will have $129.7 million of parity senior-lien stormwater bonds between the series 2013D, 2015H, 2019F, and 2022C bonds, and $50 million of subordinate-lien series 2021 revenue notes. The series 2022C

...S&P Global Ratings assigned its '###' rating, with a stable outlook, to Indianapolis Local Public Improvement Bond Bank, Ind.'s series 2022C stormwater revenue bonds, issued for the Marion County Stormwater Management District, and affirmed its '###' rating, with a stable outlook, on the bond bank's existing stormwater system senior-lien revenue debt, issued for Indianapolis. Officials intend to use the $50 million of series 2022C bond proceeds and bond premium to refund series 2019A subordinate-lien bond bank notes, finance additional stormwater projects, and pay issuance costs. Following this issuance, the bond bank will have $129.7 million of parity senior-lien stormwater bonds between the series 2013D, 2015H, 2019F, and 2022C bonds, and $50 million of subordinate-lien series 2021 revenue notes. The series 2022C bonds have been designated as green bonds by Kestrel Verifiers. Net stormwater system revenue secures the bonds. The rate covenant requires 1.25x annual debt service coverage...

Summary