S&P Global Ratings assigned its 'AAA' long-term rating to the Oklahoma Water Resources Board 's (OWRB) anticipated $160 million series 2025 revolving fund revenue bonds (2019 master trust indenture, or MTI). At the same time, S&P Global Ratings affirmed its 'AAA' rating on the board's outstanding series 2003 MTI clean water and drinking water revenue bonds and series 2019 MTI bonds outstanding. The outlook is stable. Borrower loan repayments provide the majority of the security for the bonds, along with other pledged funds under a 2019 MTI. In 2019, OWRB amended its 2003 master trust agreement (MTA) and effectively closed that indenture. As a result, after 2003 MTA bond debt service is paid, any excess funds are swept into the
