Standard&Poor's Ratings Services has affirmed its 'AAA' rating on the South Dakota Conservancy District's various series of state revolving fund program bonds. The 'AAA' rating 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. Because we view securitizations backed by pools of public-sector assets as highly sensitive to country risk, the rating on the securitization is capped
