Summary: South Dakota Conservancy District; State Revolving Funds/Pools

S&P Global Ratings assigned its 'AAA' rating and stable outlook to South Dakota Conservancy District's (SDCD) roughly $77.985 million series 2020 state-revolving-fund program bonds and affirmed its 'AAA' rating, with a stable outlook, on SDCD's existing state-revolving-fund program bonds. Officials intend to use series 2020 bond proceeds to fund new and existing loans to Sioux Falls under the clean water program and pay issuance costs. Because we view securitizations backed by pools of public-sector assets as highly sensitive to national risk, we cap the rating on the securitization at two notches above the U.S. sovereign rating. We, however, do not apply any specific sovereign default stress because the U.S. sovereign rating is 'AA+'. Repayments made under pledged loan agreements and

...S&P Global Ratings assigned its '###' rating and stable outlook to South Dakota Conservancy District's (SDCD) roughly $77.985 million series 2020 state-revolving-fund program bonds and affirmed its '###' rating, with a stable outlook, on SDCD's existing state-revolving-fund program bonds. Officials intend to use series 2020 bond proceeds to fund new and existing loans to Sioux Falls under the clean water program and pay issuance costs. Because we view securitizations backed by pools of public-sector assets as highly sensitive to national risk, we cap the rating on the securitization at two notches above the U.S. sovereign rating. We, however, do not apply any specific sovereign default stress because the U.S. sovereign rating is '##+'. Repayments made under pledged loan agreements and other various funds pledged under the master indenture secure the bonds. SDCD does not issue separate state-match and leveraged series bonds for each program, but it separates each series into a state-match...

Summary