Fitch Upgrades S-T for Indiana Finance Authority 2000 A & B & 2001A VRDBs to 'AA/F1+'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch upgrades the short-term ratings of the following Indiana Finance Authority In order to provide economic efficiencies and management synergies and enable the State of Indiana ("State") to communicate as one voice with the various participants in the financial markets, the Indiana Development Finance Authority, the State Office Building Commission, the Indiana (as successor to the Indiana State Office Building Commission) revenue bond issues: --$34,500,000 facilities revenue bonds, Series 2000A (Pendleton Juvenile Correctional Facility) to 'AA/F1+' from 'AA/F1'; --$14,600,000 facilities revenue bonds, Series 2000B (Indiana Government Center South) to 'AA/F1+' from 'AA/F1'; --$58,800,000 facilities revenue bonds, Series 2001A (Miami Correctional Facility The Miami Correctional Facility is a state prison ten miles north of Kokomo, Indiana. It was established in 1998 and houses high-medium and minimum-security inmates, all of whom are adult males. ) to 'AA/F1+' from 'AA/F1'. The upgrade of the short-term ratings on each of the above referenced series of bonds is made in connection with the replacement of the standby bond purchase agreements (SBPAs) originally provided by KeyBank National Association with SBPAs provided by DEPFA DEPFA Deutsche Pfandbriefanstalt (German bonds Institution) BANK plc, acting through is New York Branch ('DEPFA'). Effective August 1, 2006, the short-term 'F1+' rating is based on the support of three substitute SBPAs provided by DEPFA. The short-term rating on the bonds will expire on the earlier to occur of: August 1, 2016, the stated expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of the substitute SBPAs, unless such date is extended or any prior termination of the substitute SPBAs. Morgan Stanley & Co. Incorporated is the remarketing agent for the Series 2000A & B bonds and Goldman, Sachs & Co. is the remarketing agent for the Series 2001A Bonds. Fitch's long-term rating of 'AA' for Indiana is based on the historical pattern of low state debt, a return to structural balance, and the recent consolidation of debt management. The principal credit strength is the state's low debt, although it is virtually all appropriation-backed, which requires legislative approval for projects and financings. While diversification has occurred, the state's economy remains considerably concentrated in manufacturing, exposing the state to economic downturns, and risk is inherent in appropriation-backed debt. A combination of revenues above estimate and favorable expenditure performance in fiscal 2006 has resulted in surplus operations. For more information on the State of Indiana, see the 'Indiana Finance Authority' report dated October 11, 2005 and available on the Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. web site www.fitchratings.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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