...Standard & Poor's Ratings Services has assigned its '###' rating to Connecticut's state revolving fund general revenue bonds (Green Bonds 2015 series A). At the same time, Standard & Poor's affirmed its '###' rating on the state revolving fund's general revenue bonds outstanding. The outlook is stable. Because we view securitizations backed by pools of public-sector assets as highly sensitive to country risk, the rating on the securitization is capped at two notches above the sovereign. However, no specific sovereign default stress is applied, given the U.S. sovereign rating is '##+'. We understand the state intends to use the proceeds of the bonds to fund additional clean water and drinking water loans under the state revolving clean water and drinking water fund programs. The bonds are issued pursuant to a general revenue bond resolution. Under this general bond resolution, debt service on the bonds is paid from available money, which primarily includes pledged borrower obligations and...
