Fitch rates Indiana Finance bonds AA/F1+

Fitch Ratings said it assigned a rating of AA/F1+ to the $55 million Indiana Finance Authority series 2008A lease appropriation stadium bonds.

The rating is based on a standby bond purchase agreement provided severally by RBS Citizens NA (54.9%), JPMorgan Chase Bank NA (31.4%) and the Bank of New York Mellon (13.7%).

The bonds are expected to be delivered on July 24.

The bonds are being issued to fund construction of a new 63,000-seat stadium for the Indianapolis Colts National Football League franchise, which is to be completed in August 2008.

Fitch also confirmed the underlying AA rating on the Indiana Finance Authority's $71.25 million series 2003C and 2003D facilities revenue refunding bonds, which are being converted to term-rate period from auction-rate securities.

The bonds are expected to be offered via negotiation on July 24.

Originally issued by the Indiana State Office Building Commission, the series 2003C and 2003D bonds refunded certain maturities of the series 1995A bonds for the Wabash Valley Correctional Facility and certain maturities of 1995B bonds of the Rockville Correctional Facility, respectively.

Finally, Fitch also affirmed its AA rating on $3 billion of Indiana's appropriation debt. The outlook is stable.

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