Standard&Poor's Ratings Services assigned its 'AAA' rating, with a stable outlook, to the South Dakota Conservancy District's series 2012A and 2012B state revolving fund program bonds. We have also affirmed the district's 'AAA' long-term rating on various bond issues outstanding. The 'AAA' long-term rating on the district's state revolving fund program bonds reflects the combination of very strong enterprise risk and financial risk scores, resulting from: A market position reflective of support from multiple level of government that creates a growing equity position, Collateralization levels that enable the program to absorb a very high level of borrower defaults, resulting in an extremely strong loss coverage score, Extremely low historical levels of borrower defaults and delinquencies, and Generally strong
