S&P Global Ratings has assigned its 'AAA' rating to the South Dakota Conservancy District's series 2017A and B state revolving fund program bonds, and affirmed its 'AAA' rating on various series of the district's outstanding state revolving fund program bonds. The outlook is stable. The 'AAA' rating reflects the combination of extremely 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
