S&P Global Ratings assigned its 'AAA' long-term rating to the Indiana Finance Authority's (IFA) $250 million series 2022B state revolving fund (SRF) program bonds. S&P Global Ratings affirmed its 'AAA' long-term rating on IFA's debt outstanding under its wastewater and drinking water bond indentures, and on IFA's 2019 Water Infrastructure Finance and Innovation Act (WIFIA) loan agreement. The outlook is stable. The authority will use bond proceeds to make new loans and reimburse for loans already made in both its drinking water and wastewater programs. Payment of debt service is secured through the trust estate, which primarily consists of loan principal and interest payments, as well as interest earnings and balances on various pledged reserve accounts. The programs are cross-collateralized.
