...S&P Global Ratings assigned its '##' long-term rating to the Indiana Finance Authority's (IFA's) 2019A first-lien wastewater utility revenue bonds, issued for CWA Authority Inc. (CWA), Ind. At the same time, S&P Global Ratings affirmed its '##' and '##-' ratings on CWA's first- and second-lien bonds outstanding, respectively. The outlook is stable. The ratings reflect, in our opinion, the combination of a very strong enterprise risk profile and a very strong financial risk profile. The enterprise risk profile reflects our view of the wastewater system's: + Broad and diverse service area, as the Indianapolis metropolitan statistical area (MSA) serves as the state's largest economic engine; + Favorable regulatory history and environment. Although CWA owns and operates the rare municipal wastewater system in the U.S. that is rate regulated, rate cases have generally been awarded at or near the magnitude requested, and state legislation compels the state utility regulatory commission (IURC)...
