NEW YORK - Fitch Ratings said it downgraded to A-plus from AA the $12.4 million series 2004E bonds (Fall Creek Project) issued by Indianapolis Local Public Improvement Bond Bank (ILPIBB).
Fitch also downgraded $42.5 million series 2006D stormwater revenue bonds (moral obligation), to AA-minus from AA; -$59.5 million series 2008A ad valorem tax bonds, to AA from AA-plus; and affirmed approximately $328 million unlimited tax general obligation (UTGO) debt at AA-plus.
The rating outlook is stable.
The downgrade reflects Fitch's downgrade of the city of Indianapolis's general obligation bonds in August 2009 to AA-plus from AAA; the city provides a moral obligation (MO) for the bonds.
