S&P Global Ratings affirmed its 'AAA' rating on the Illinois Finance Authority's (IFA) outstanding revolving fund revenue bonds. The outlook is stable. Security for all bonds issued under the master trust agreement is a pledge of revenue collected pursuant to the master trust, which includes pledged loan repayments and investment income earned from the various pledged funds and accounts. The clean water and drinking water funds are fully cross collateralized through the use of a pledged equity fund in which all excess revenue are deposited. The only qualification for cross collateralization is that only interest earnings from loan repayments can be used to repay state match portions of the bonds. There currently is no reserve fund pledged to the bonds.
