Standard&Poor's Ratings Services assigned its 'SP-1+' rating to the South Dakota Conservancy District state's revolving fund program series 2009 bond anticipation notes (BANs). The rating on the BANs is based on a pledge of all repayments made under the pledged loan agreements and other various funds pledged under the master indenture, standing authority to issue long-term debt as needed, and historical ability to access the long-term capital market. We also affirmed the 'AAA' long-term rating, with a stable outlook, on the district's various bond issues, and the 'A-1+' short-term rating on the series 2008 bonds. The short-term rating represents the likelihood of payment of tenders and reflects separate standby bond purchase agreements provided by US Bank National Association
