Fitch Ratings assigns an ‘AAA’ implied GO rating to the state of Indiana and affirms the ‘AA+’ rating on outstanding Indiana appropriation-backed debt issued by the Indiana Finance Authority (IFA), the Indiana State Office Building Commission, and the Indiana Transportation Finance Authority.

The IFA was established in 2005. The state’s debt structure formerly was diffuse with state appropriation-backed debt issued through several commissions and authorities. The IFA is the successor agency to the former agencies.

The Rating Outlook is Stable.

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