Standard & Poor's Ratings Services said it lowered its long-term rating to AA from AA-plus on the bonds issued by Indianapolis Local Public Improvement Bond Bank, Ind., on behalf of Marion County Health & Hospital Corp.
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At the same time, it assigned a AA rating to the bond bank's series 2015B refunding bonds, issued on behalf of the corporation. The outlook on all ratings is stable.
"The downgrade is based on our view that the corporation's economy, which is contiguous with the economies of the city of Indianapolis and Marion County, does not support a AA-plus rating," said Standard & Poor's credit analyst John Kenward.
