S&P Global Ratings assigned its 'AAA' long-term rating to the Indiana Finance Authority's (IFA) $235 million series 2025C state revolving fund (SRF) program bonds. S&P Global Ratings also 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. Payment of debt service on the SRF bonds 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 SRF wastewater and drinking water indentures are cross-collateralized under one SRF program. The authority will use bond proceeds to fund loan agreements
