Press Release|Public Finance

KBRA Affirms A+ Rating with Stable Outlook for The Indianapolis Local Public Improvement Bond Bank Bonds, Series 2021 A

7 Feb 2024   |   New York


KBRA affirms the long-term rating of A+ for the Indianapolis Local Public Improvement Bond Bank Bonds, Series 2021 A. The Outlook is Stable. The Bonds were issued by the Bond Bank and proceeds financed the purchase of securities from the Marion County Recreational Facilities Authority (the "Authority" or "MCCFRA") and the Capital Improvement Board of Managers of Marion County (the "Board" or "CIB"). The structure mirrors other Indianapolis/Marion County entities' bond issuance. Proceeds funded improvements to the Gainbridge Fieldhouse, a downtown Indianapolis venue owned by the MCCFRA and operated by the Board that hosts sports and entertainment events.

Key Credit Considerations

The rating was affirmed because of the following key credit considerations:

Credit Positives

  • Broad and diverse economic base bolsters pledged revenue performance.
  • Favorable revenue growth trend pre-pandemic, and over the three most recent years.
  • Sustained population growth supports enhanced economic activity.

Credit Challenges

  • Bonds are secured by a variety of taxes, collections of which may at times be adversely affected by economic factors and were severely impacted by the COVID-19 pandemic.
  • Lien on portion of pledged revenues has expiration date prior to bond maturity.
  • Payment of the Board's obligation is subject to partial or full abatement if the facility or any portion of it is damaged and unusable.

Rating Sensitivities

For Upgrade

  • Extension of lien on pledged revenues through life of bonds.
  • Established trend of strong pledged revenue growth.

For Downgrade

  • Additional borrowing, not currently planned, that results in a significant reduction in coverage.
  • Secular declines in pledged revenues.

To access rating and relevant documents, click here.



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

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. 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.

Doc ID: 1003167

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