Summary: CWA Authority Inc., Indiana Indiana Finance Authority; Water/Sewer

S&P Global Ratings assigned its 'AA' long-term rating to the Indiana Finance Authority's approximately $141 million series 2022A first-lien wastewater utility refunding revenue bonds, issued for CWA Authority Inc. In addition, we affirmed our 'AA' and 'AA-' long-term rating and underlying rating (SPUR) on CWA's existing first- and second-lien revenue debt, respectively. The outlook for all ratings is stable. A first-lien net wastewater-system-revenue pledge secures the series 2022A bonds, which are on parity with about $1.7 billion of revenue bonds. Officials intend to use the series 2022A bond proceeds to refund the 2012A utility revenue bonds outstanding. We understand management will satisfy its debt-service-reserve-fund requirement with a surety policy for series 2022A bonds. CWA has about $221 million of junior-lien

...S&P Global Ratings assigned its '##' long-term rating to the Indiana Finance Authority's approximately $141 million series 2022A first-lien wastewater utility refunding revenue bonds, issued for CWA Authority Inc. In addition, we affirmed our '##' and '##-' long-term rating and underlying rating (SPUR) on CWA's existing first- and second-lien revenue debt, respectively. The outlook for all ratings is stable. A first-lien net wastewater-system-revenue pledge secures the series 2022A bonds, which are on parity with about $1.7 billion of revenue bonds. Officials intend to use the series 2022A bond proceeds to refund the 2012A utility revenue bonds outstanding. We understand management will satisfy its debt-service-reserve-fund requirement with a surety policy for series 2022A bonds. CWA has about $221 million of junior-lien obligations. The rating on the senior-lien debt reflects our opinion of the system's general creditworthiness. We base the one-notch differential between the first- and...

Summary