...S&P Global Ratings has assigned its '###' rating to the South Dakota Conservancy District's series 2018 state revolving fund (SRF) program bonds, and affirmed its '###' rating on various series of the district's outstanding SRF program bonds. The outlook is stable. The '###' 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 securitizations backed by pools of public-sector assets as highly sensitive to country risk, the rating on the securitization is capped at two notches above the sovereign. However, no specific...
