...S&P Global Ratings assigned its '##' rating and stable outlook to Indiana Finance Authority's roughly $444.845 million series 2021-1 first-lien wastewater utility refunding revenue bonds and '##-' rating and stable outlook to the authority's roughly $180.455 million series 2021-2 second-lien wastewater utility refunding revenue bonds, issued for CWA Authority Inc., and affirmed its '##' and '##-' ratings, with a stable outlook, on CWA's existing first- and second-lien revenue debt, respectively. A first-lien net wastewater-system-revenue pledge secures the series 2021-1 bonds, which are on parity with about $1.7 billion of revenue bonds. A second-lien net wastewater-system-revenue pledge secures the series 2021-2 bonds. CWA has about $270 million of second-lien obligations. 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...
