...S&P Global Ratings has assigned its '###' rating to Connecticut's state revolving fund (SRF) general revenue bonds (green bonds 2019 series A, designated green bonds, and refunding series B). At the same time, we affirmed our '###' rating on the SRF'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 series A bonds to fund additional clean water and drinking water loans under the state revolving clean water and drinking water fund programs, while the series B bonds will be used to refund outstanding SRF bonds for savings. The bonds are issued pursuant to a general revenue bond resolution. Under this general bond resolution, debt service on...
