CWA Authority Inc., IN Series 2022B First-Lien Wastewater Utility Revenue Bonds Rated ?AA?; Outlook Is Stable

CENTENNIAL (S&P Global Ratings) Oct. 13, 2022--S&P Global Ratings assigned its 'AA' long-term rating to the Indiana Finance Authority's approximately $150 million series 2022B first-lien wastewater utility revenue bonds, issued for CWA Authority Inc. The outlook is stable. A first-lien net wastewater-system-revenue pledge secures the series 2022B bonds, which are on parity with about $1.7 billion of revenue bonds. Officials intend to use the series 2022B bond proceeds to fund improvements to the system associated with the consent decree. We consider wastewater-system bond provisions credit neutral. We understand management will satisfy its debt service reserve fund requirement with a surety policy for series 2022B bonds. The authority is currently working to finish its 20-year long-term-control plan related to a consent

...October 13, 2022 CENTENNIAL (S&P Global Ratings) Oct. 13, 2022--S&P Global Ratings assigned its '##' long-term rating to the Indiana Finance Authority's approximately $150 million series 2022B first-lien wastewater utility revenue bonds, issued for CWA Authority Inc. The outlook is stable. A first-lien net wastewater-system-revenue pledge secures the series 2022B bonds, which are on parity with about $1.7 billion of revenue bonds. Officials intend to use the series 2022B bond proceeds to fund improvements to the system associated with the consent decree. We consider wastewater-system bond provisions credit neutral. We understand management will satisfy its debt service reserve fund requirement with a surety policy for series 2022B bonds. The authority is currently working to finish its 20-year long-term-control plan related to a consent decree entered into by the authority with Indiana Department of Environmental Management and the U.S. Environmental Protection Agency for combined sewer...

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