Research Update: Connecticut Clean Water Fund Series 2026A Clean Water And Drinking Water SRF Refunding Bonds Assigned 'AAA' Rating

S&P Global Ratings assigned its 'AAA' long-term rating to Connecticut 's State Revolving Fund's (SRF) anticipated $141.22 million series 2026A clean water and $22.2 million series 2026A drinking water refunding general revenue (green) bonds. At the same time, we affirmed our 'AAA' long-term rating on Connecticut's outstanding SRF bonds for both its drinking and clean water programs. The outlook is stable. Program bonds are secured by pledged borrower obligations and money in the accounts of the support fund--some of which is funded through guaranteed investment contracts (GICs)--but also includes money on hand in the debt service fund. In addition, any unpledged assets in the SRF are also available to cover debt service requirements. The support fund is funded with assets

...Program description: The Connecticut SRF program was created by the state pursuant to the Connecticut General State Statutes Sections 22a-475 to 22a-483. It is jointly managed by the DEEP, the State Treasurer's Office, and the DPH. In accordance with the state statute, the program makes loans to borrowers to provide financing for water pollution control and drinking water projects....

Research Update