Capital Improvement Board of Managers of Marion County Surveillance Report

Rating Summary

The rating continues to reflect the credit support provided by a broad array of revenue sources and favorable overall revenue performance. Pledged revenues have recovered solidly following a 45%, pandemic era decline (FY 2020), with FY 2025 revenues well in excess of the FY 2019 level and FY 2025 maximum annual debt service (MADS) coverage of approximately 3.58x. Monthly unaudited data through June 2026 suggest pledged revenues will remain strong.

Despite projected revenue growth, the rating remains constrained by the economically sensitive nature of the repayment stream. During FY 2020, when economic conditions were adversely affected by the pandemic, MADS coverage narrowed to just 1.3x. The expiration of a lien on a portion of pledged revenues prior to bond maturity, coupled with abatement risk should any or all of a portion of the facility become damaged and unusable also temper the rating.

The Bonds were issued by the Indianapolis Local Public Improvement Bond Bank…