Chicago, IL | July 24, 2015
Caitlin Devitt, The Bond Buyer
Indianapolis won a coveted triple-A rating from Standard & Poor's on its stormwater system bonds as the city heads into market with a $15 million borrowing and puts the final touches on a new $300 million capital plan.
The deal will fix out a chunk of stormwater bonds the city privately placed in 2011 that are scheduled to shift into a variable-rate mode in 2020. The city has almost all of its $4.1 billion debt portfolio in a fixed-rate mode, with the exception of some airport debt. The stormwater system is a mix of natural and manmade infrastructure managed by the city's public works department. It's one of the city's last publicly managed utilities, after Indianapolis sold its water and sewer departments to a non-profit in a high-profile privatization in 2011.