S&P Global Ratings assigned its 'AAA' rating to South Dakota Conservancy District's (SDCD) approximately $58.9 million series 2022A taxable state revolving fund program bonds, and $97.8 million state revolving fund program revenue bonds, series 2022B. We also affirmed our 'AAA' rating on SDCD's existing state revolving fund program bonds. The outlook on all ratings is stable. Officials intend to use series 2022A and 2022B bond proceeds to fund new and existing loans to numerous utilities under the clean water and drinking water programs, and to pay issuance costs. Repayments made under pledged loan agreements and other various funds pledged under the master indenture secure the bonds. Because we view securitizations backed by pools of public sector assets as highly sensitive
