KBRA Releases Report Assigning Rating to The Indianapolis Local Public Improvement Bond Bank, Bonds, Series 2021 A

NEW YORK–(BUSINESS WIRE)–On February 8, 2021, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of A+ with a Stable Outlook to the Indianapolis Local Public Improvement Bond Bank, Bonds, Series 2021 A. The bond proceeds will finance the purchase of securities from the Marion County Recreational Facilities Authority and the Capital Improvement Board of Managers of Marion County (the “Board”).

The Board is funding improvements to the Bankers Life Fieldhouse, a downtown Indianapolis venue that hosts sports and entertainment events. Outstanding BANs that funded the initial stage of the project are being retired as are certain outstanding obligations. Concurrently, additional obligations are being cash defeased, such that following delivery, the current offering and a prior lien 2007 obligation, which has never been called upon, will be the sole debt outstanding. No additional borrowing is presently contemplated.

Click here to view the report. To access ratings and relevant documents, click here.


Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.


Analytical Contacts

Harvey Zachem, Managing Director (Lead Analyst)

+1 (646) 731-2385


Jack Morrison, Associate Director

+1 (646) 731-2410


Karen Daly, Managing Director (Rating Committee Chair)

+1 (646) 731-2347


Business Development Contacts

Bill Baneky, Managing Director

+1 (646) 731-2409


James Kissane, Senior Director

+1 (213) 806-0026


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