Summary: Wyoming Community Development Authority; General Obligation

S&P Global Ratings affirmed its 'AA' issuer credit rating (ICR) on the Wyoming Community Development Authority (WCDA). The outlook is stable. The rating reflects our view of WCDA's: Consistently strong and improving S&P-adjusted net equity position (after projected losses) that has increased by approximately 37% between fiscal 2012 and 2017; Improved asset quality as evidenced by the trend of decreasing non-performing assets (NPAs), defined as loans delinquent 60 days or more and in foreclosure; Experienced and active management team with strong legislative support; and Prudent debt management policies that balance fixed and variable rate debt and associated risk exposures. WCDA's fiscal 2017 adjusted net equity position of $271.8 million represents 25.8% of total assets and 41.4% of total debt. This

...S&P Global Ratings affirmed its '##' issuer credit rating (ICR) on the Wyoming Community Development Authority (WCDA). The outlook is stable. The rating reflects our view of WCDA's: + Consistently strong and improving S&P-adjusted net equity position (after projected losses) that has increased by approximately 37% between fiscal 2012 and 2017; + Improved asset quality as evidenced by the trend of decreasing non-performing assets (NPAs), defined as loans delinquent 60 days or more and in foreclosure; + Experienced and active management team with strong legislative support; and + Prudent debt management policies that balance fixed and variable rate debt and associated risk exposures. WCDA's fiscal 2017 adjusted net equity position of $271.8 million represents 25.8% of total assets and 41.4% of total debt. This high level of adjusted equity indicates there are sufficient resources available to sustain operations during difficult circumstances, or to fund programs that further the authority's...

Summary