S&P Global Ratings assigned its 'AA' long-term rating to the Indiana Finance Authority's (IFA's) 2016A first-lien wastewater utility revenue bonds and its 'AA-' long-term rating to IFA's second-lien wastewater utility revenue bonds, issued for CWA Authority Inc. (CWA). We have also affirmed our ratings on CWA's outstanding first- and second-lien bonds. The ratings reflect, in our opinion, the combination of a very strong enterprise risk profile and a very strong financial risk profile. The outlook is stable. The enterprise risk profile reflects our view of the wastewater system's: Broad and diverse service area, as the Indianapolis metropolitan statistical area (MSA) serves as the state's largest economic engine; Favorable regulatory history and environment. Although CWA owns and operates the rare public
