...S&P Global Ratings assigned its '###' rating to the Colorado Water Resources & Power Development Authority's series 2020B state revolving fund (SRF) revenue bonds and affirmed its '###' rating on the authority's existing clean and drinking water senior- and subordinate-lien debt. The outlook is stable. Officials intend to use series 2020B bond proceeds to make loans to two municipalities. Bond security includes loan repayments from specific borrowers, funded by their respective bond series, and excess payments from the revolving funds' leveraged and direct loan programs, as well as money from certain funds, accounts, and subaccounts. Each bond series is not legally on parity with previous authority bonds, which receive loan repayments from different borrowers. However, all senior secured bonds in the drinking water and water pollution control revolving fund programs share the same cross-collateralization provisions of excess loan repayments matching account reserves, as well as additional...
