S&P Global Ratings assigned its 'AAA' rating to the Oklahoma Water Resources Board's (OWRB) anticipated $138.5 million revolving fund revenue bonds, series 2023 (2019 Master Trust). At the same time, S&P Global Ratings affirmed its 'AAA' rating on the board's previously issued 2003 Master Trust clean water and drinking water revenue bonds and 2019 Master Trust bonds outstanding. The outlook is stable. The series 2023 bonds are secured by a 2019 master trust indenture (MTI) and are issued pursuant to a 2023 bond indenture authorizing the issue under the 2019 MTI. In 2019, OWRB amended its 2003 master trust agreement (MTA) and effectively closed the indenture. As a result, after 2003 MTA bond debt service is paid, any excess funds
