Summary: Indiana Finance Authority CWA Authority Inc.; Water/Sewer

S&P Global Ratings assigned its 'AA' rating and stable outlook to Indiana Finance Authority's roughly $70 million series 2020A first-lien wastewater utility revenue bonds, issued for CWA Authority Inc., and affirmed its 'AA' and 'AA-' ratings, with a stable outlook, on CWA's first- and second-lien revenue bonds outstanding, respectively. A first-lien net wastewater-system-revenue pledge secures the series 2020A bonds, which are on parity with about $1.7 billion of revenue bonds outstanding. CWA also has about $300 million of second-lien obligations outstanding. The rating on the senior-lien debt reflects our opinion of the system's general creditworthiness. We base the one-notch differential between the first- and second-lien ratings on the application of our criteria, titled "Assigning Issue Credit Ratings Of Operating Entities,"

...S&P Global Ratings assigned its '##' rating and stable outlook to Indiana Finance Authority's roughly $70 million series 2020A first-lien wastewater utility revenue bonds, issued for CWA Authority Inc., and affirmed its '##' and '##-' ratings, with a stable outlook, on CWA's first- and second-lien revenue bonds outstanding, respectively. A first-lien net wastewater-system-revenue pledge secures the series 2020A bonds, which are on parity with about $1.7 billion of revenue bonds outstanding. CWA also has about $300 million of second-lien obligations outstanding. The rating on the senior-lien debt reflects our opinion of the system's general creditworthiness. We base the one-notch differential between the first- and second-lien ratings on the application of our criteria, titled "Assigning Issue Credit Ratings Of Operating Entities," published May 20, 2015, on RatingsDirect. Both liens remain open. Management primarily intends to use series 2020A bond proceeds to fund new capital projects....

Summary