S&P Global Ratings has assigned its 'AAA' rating to the Illinois Finance Authority's (IFA) series 2020 state of Illinois clean water initiative revolving fund revenue bonds. We have also affirmed our 'AAA' rating on the authority's outstanding revolving fund revenue bonds. The outlook is stable. The rating reflects our assessment of the following credit characteristics: An extremely strong enterprise risk profile, given that the program has ongoing support from multiple levels of government, and a governmental entity manages the program; and An extremely strong financial risk profile, reflecting its loss coverage score (LCS), operating performance, and financial policies. Because we view securitizations backed by pools of public-sector assets as highly sensitive to country risk, the rating on the securitization is
