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Credit Ratings

Indiana is rated by three credit rating agencies:   Standard & Poors, Moody’s, and Fitch.  The State and the Indiana Finance Authority meet annually, or when requested, with the credit rating agencies to make sure proper due diligence is performed for investors in the capital markets.  Below are the most recent reviews by the credit rating agencies for the State of Indiana.  Currently, the State of Indiana’s Issuer Credit Rating (ICR) is rated AAA from S&P, Aaa from Moody’s, and AAA from Fitch*.  The State of Indiana is one of 13 states to achieve AAA from the three rating agencies.

*Indiana Finance Authority is a body politic and corporate, not a state agency but an independent instrumentality exercising essential public functions of the State.  Debt issued by the Indiana Finance Authority will have a different rating than the State’s ICR.  The State of Indiana does not issue General Obligation Debt.

S&P IFA Appropriation

S&P Indiana Bond Bank Appropriation