Summary: Indianapolis The Indianapolis Local Public Improvement Bond Bank; General Obligation; General Obligation Equivalent Security; Moral Obligation

S&P Global Ratings revised the outlook on the City of Indianapolis to stable from positive and affirmed its long-term and underlying (SPUR) ratings on the city's general obligation (GO) debt. S&P Global Ratings also assigned its 'AA+' long-term rating to Indianapolis Local Public Improvement Bond Bank's $155 million series 2023D Convention Center Hotel bonds, secured by special benefits tax (ad valorem property tax), and its 'A+' long-term rating to the bond bank's $200 million series 2023-F-1 Convention Center Hotel subordinate revenue bonds, secured by the city's moral obligation pledge. At the same time, we affirmed our 'AA+' long-term rating on existing debt supported by ad valorem property tax pledge and our 'AA-' rating on all previously rated moral obligation bonds.

...+ S&P Global Ratings revised the outlook on the City of Indianapolis to stable from positive and affirmed its long-term and underlying (SPUR) ratings on the city's general obligation (GO) debt. + S&P Global Ratings also assigned its '##+' long-term rating to Indianapolis Local Public Improvement Bond Bank's $155 million series 2023D Convention Center Hotel bonds, secured by special benefits tax (ad valorem property tax), and its 'A+' long-term rating to the bond bank's $200 million series 2023-F-1 Convention Center Hotel subordinate revenue bonds, secured by the city's moral obligation pledge. + At the same time, we affirmed our '##+' long-term rating on existing debt supported by ad valorem property tax pledge and our '##-' rating on all previously rated moral obligation bonds. + The outlook revision reflects a change in a debt profile that in our view will be risker after the hotel bonds are issued. If hotel revenues do not come in as expected, we think this could potentially add costs...

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