Credit rating agency S&P Global Ratings announced it has upgraded its long-term rating on certain Indianapolis bonds.
S&P Global upgraded the city’s property-tax-secured bonds to AA+ from its previous rating of AA. "The upgrade reflects the economic and financial progress Indianapolis has achieved in recent years, as well as improved managerial practices," S&P said.
"Economically, the city continues to advance and diversify at a faster rate than many other Midwestern counterparts,” Global Ratings credit analyst Anna Uboytseva said in a prepared statement.
The outlook on the rating is stable. However, S&P noted the city’s high debt burden remains a credit negative.