The 'AAA' rating on South Dakota Conservancy District's state revolving fund program bonds series 2004 reflects: Program coverage and reserve levels at a default tolerance level that meet Standard&Poor's Ratings Services' state revolving fund criteria for an 'AAA' rated program; Strong structural features including a new, cross-collateral mechanism created between the clean water and drinking water revolving loan funds to further enhance the programs; and An experienced management team. The purpose of the series 2004 bonds is to place the clean water and drinking water revolving loan fund programs under a new, single master indenture for the purpose of providing cross-collateralization in the form of reciprocal subordinated lending arrangements between the clean and drinking water programs. This will
