On Feb. 1, 2012, Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' rating on Indiana Finance Authority's (the issuer's) environmental refunding revenue bonds series 2009A-3 (for the Duke Energy Indiana Inc. project) following the replacement of the irrevocable direct-pay letter of credit (LOC) that Bank of America N.A. ('A/A-1') had provided with a new LOC from Mizuho Corporate Bank Ltd. ('A+/A-1'). The 'AAA/A-1+' rating reflects our opinion of the joint credit and liquidity support that Mizuho Corporate Bank Ltd., the LOC provider, and Duke Energy Indiana Inc. ('A-/A-2'), the obligor, provide in the form of an irrevocable direct-pay LOC and loan agreement. Under the LOC, Mizuho Corporate Bank Ltd. fully supports all bond payment obligations when the bonds are in
