Indianapolis Rev Bonds Default

The City of Indianapolis multifamily revenue bonds (Sunrise Apartment Project) have been downgraded from C to D by Fitch Ratings.The rating agency said the downgrade is based on the bond payment default as of the December 2003 distribution, reflecting the inability of the property to generate sufficient cash flow to service its principal and interest obligations. The bonds are secured by a mortgage loan on a 320-unit multifamily property in Indianapolis.

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