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: Financial strength, measured by a net equity-to-assets ratio of 24.2% in fiscal 2020 and a five-year average of 25.38%, which we view as above average compared to similarly rated peers; Growing balance sheet, with an S&P Global Ratings-calculated equity balance of approximately $415 million, and assets totaling approximately $1.31 billion in fiscal 2020, 2.6% and 8.8% increases, respectively, from fiscal 2019 levels; Strong profitability, with a trailing five-year average return on average assets that somewhat underperforms peers at 0.98%, but an above-average net interest margin (NIM) of 1.5%; Strong liquidity, measured by
