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

S&P Global Ratings assigned its 'AA' long-term rating and stable outlook to Indiana Finance Authority's roughly $50 million series 2021A first-lien wastewater utility refunding revenue bonds, issued for CWA Authority Inc., and affirmed its 'AA' and 'AA-' long-term rating and underlying rating (SPUR), 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 2021A bonds, which are on parity with about $1.7 billion of revenue bonds. CWA has about $270 million of junior-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 "Assigning Issue Credit

...S&P Global Ratings assigned its '##' long-term rating and stable outlook to Indiana Finance Authority's roughly $50 million series 2021A first-lien wastewater utility refunding revenue bonds, issued for CWA Authority Inc., and affirmed its '##' and '##-' long-term rating and underlying rating (SPUR), 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 2021A bonds, which are on parity with about $1.7 billion of revenue bonds. CWA has about $270 million of junior-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 "Assigning Issue Credit Ratings Of Operating Entities," published May 20, 2015, on RatingsDirect. Both liens remain open. Officials intend to use series 2021A bond proceeds to fund system improvements...

Summary