S&P Global Ratings' issuer credit rating (ICR) on the Wyoming Community Development Authority (WCDA) is 'AA'. The outlook is stable. An ICR reflects the obligor's general creditworthiness, focusing on its capacity and willingness to meet financial commitments when they come due. It does not apply to any specific financial obligation because it does not consider the obligation's nature and provision, standing in bankruptcy or liquidation, statutory preferences, or legality and enforceability. The rating reflects our view of WCDA's: Financial strength as measured by nearly $442.8 million in equity, net equity-to-assets ratio of 23.0% in fiscal 2022, and 24.6% on a five-year average, which we view as comparable with that of peers; Profitability in line with criteria benchmarks as measured by
