Standard&Poor's Ratings Services assigned its 'AAA' rating to the South Dakota Conservancy District's series 2014 state revolving fund program bonds. We have also affirmed our 'AAA' long-term rating on various district bond issues outstanding. The 'AAA' long-term rating on the district's state revolving fund program bonds reflects the combination of very strong enterprise risk and financial risk scores, resulting from: A market position reflecting support from multiple levels of government that creates a growing equity position; Collateralization levels that enable the program to absorb a very high level of borrower defaults, resulting in an extremely strong loss coverage score; Extremely low historical levels of borrower defaults and delinquencies; and Generally strong financial management policies and practices. The proceeds
