S&P Global Ratings assigned its 'AA' long-term rating to the Indiana Finance Authority's approximately $150 million series 2022B first-lien wastewater utility revenue bonds, issued for CWA Authority Inc. The outlook is stable. A first-lien net wastewater-system-revenue pledge secures the series 2022B bonds, which are on parity with about $1.7 billion of revenue bonds. Officials intend to use the series 2022B bond proceeds to fund improvements to the system associated with the consent decree. We consider wastewater-system bond provisions credit neutral. We understand management will satisfy its debt service reserve fund requirement with a surety policy for series 2022B bonds. The authority is currently working to finish its 20-year long-term-control plan (LTCP) related to a consent decree entered into by the
