CHICAGO (Standard&Poor's) June 28, 2004—Standard&Poor's Ratings Services' has assigned its 'AAA' rating to South Dakota Conservancy District's $38.7 million state revolving fund program bonds series 2004, reflecting program coverage and reserve levels at a default tolerance level that meet Standard&Poor's state revolving fund criteria for an 'AAA' rated program. The outlook is stable. The rating also reflects 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 stable outlook reflects the strong, proactive management of program participants by the district and the strong coverage of debt service provided by the cash flows and the
