S&P Global Ratings assigned its 'AAA' rating to the Oklahoma Water Resources Board's (OWRB) anticipated $175 million revolving fund revenue bonds, series 2023A (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. Borrower loan repayments provide the majority of the security for the bonds, along with other pledged funds under a 2019 master trust indenture (MTI). In 2019, OWRB amended its 2003 master trust agreement (MTA) and effectively closed that indenture. As a result, after 2003 MTA bond debt service is paid, any excess funds are swept into the funds
