S&P Global Ratings assigned its ‘AA’ long-term rating to the Indiana Finance Authority ’s (IFA) series 2026A first-lien wastewater utility revenue refunding bonds and series 2026B second-lien wastewater utility revenue refunding bonds, issued for CWA Authority Inc. (CWA). At the same time, we affirmed our ‘AA’ rating on CWA’s revenue debt outstanding. The outlook is stable. A first-lien net wastewater system revenue pledge secures the 2026A bonds, while a second-lien net wastewater system revenue pledge secures the 2026B bonds. We consider the bond provisions credit neutral with a rate covenant and additional bonds test (ABT) of 1.2x annual debt service on the first-lien bonds and a rate covenant and ABT of 1.1x annual debt service on the second-lien bonds. We
