...S&P Global Ratings assigned its '###' long-term rating to the Colorado Water Resources and Power Development Authority's series 2021A state revolving fund (SRF) refunding revenue bonds. At the same time, S&P Global Ratings affirmed its '###' long-term ratings on the authority's previously issued clean and drinking water senior- and subordinate-lien debt. The outlook is stable. Officials will use series 2021A bond proceeds to refund a portion of the authority's outstanding debt. 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...
