Fitch Rates Indiana Finance Auth $211.5MM Lease Appropriation Bnds ...
NEW YORK--(BUSINESS WIRE)--Feb. 28, 2007--Fitch Ratings assigns an underlying 'AA' rating to approximately $211.5 million Indiana Finance Authority (authority) lease appropriation bonds (stadium project), series 2007A. The bonds are expected to be sold the week of March 5 through negotiation with a syndicate led by J. P. Morgan Securities Inc. The bonds are insured by the Financial Guaranty Insurance Company, whose insurer financial strength is rated 'AAA' by Fitch. In addition, Fitch affirms at 'AA' approximately $2.9 billion of Indiana's appropriation debt. The Rating Outlook is Stable. Indiana does not issue general obligation debt, rather meeting a bulk of its capital needs through debt issuance by the authority, which by its creation in 2005 consolidated debt issuance for the state. The 'AA' rating is based on Indiana's solid lease/appropriation credit, the importance of the stadium and convention center project to the state, and the lease and moral obligation provisions.
