The 'SP-1+' short-term rating assigned to South Dakota Conservancy District's series 2010 state revolving fund program bond anticipation notes (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. The 'AAA/A-1+' rating on the series 2008 bonds has been affirmed; the short-term component of the rating represents the likelihood of payment of tenders and reflects separate standby bond purchase agreements (SBPAs) provided by U.S. Bank N.A. (AA-/A-1+). The 'AAA' long-term rating on the district's state revolving fund program bonds has been affirmed and reflects the following credit characteristics: Program
