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

S&P Global Ratings raised its underlying rating (SPUR) to 'AA' from 'AA-' on CWA Authority Inc. (CWA)'s second-lien revenue debt. S&P Global Ratings also assigned its 'AA' long-term rating to the Indiana Finance Authority's 2023A and 2024A series first-lien wastewater utility refunding revenue bonds, issued for CWA, totaling approximately $262 million. In addition, we affirmed our 'AA' long-term rating on the authority's debt outstanding. The outlook for all ratings is stable. The upgrade equalizes the ratings on the first and second liens because less than 12% of the authority's total debt remains on the second lien and we no longer believe junior-lien bondholders are materially disadvantaged relative to senior-lien bondholders given the de minimis amount of debt on the second

...+ S&P Global Ratings raised its underlying rating (SPUR) to '##' from '##-' on CWA Authority Inc. (CWA)'s second-lien revenue debt. + S&P Global Ratings also assigned its '##' long-term rating to the Indiana Finance Authority's 2023A and 2024A series first-lien wastewater utility refunding revenue bonds, issued for CWA, totaling approximately $262 million. + In addition, we affirmed our '##' long-term rating on the authority's debt outstanding. + The outlook for all ratings is stable. + The upgrade equalizes the ratings on the first and second liens because less than 12% of the authority's total debt remains on the second lien and we no longer believe junior-lien bondholders are materially disadvantaged relative to senior-lien bondholders given the de minimis amount of debt on the second lien and very strong pro forma financial metrics....

Summary