This report does not constitute a rating action. S&P Global Ratings'medians for U.S. long-term municipal pools reflect a sector with substantial financial cushion and a long record of strong performance. The sector includes Clean Water and Drinking Water SRFs, state bond banks and municipal lending programs, economic development pools, and guarantee programs. Although these programs differ in purpose and structure, most share several features that support high investment-grade ratings: diversified portfolios of public-sector borrowers, structural overcollateralization from reserves or excess loan repayments, and, in many cases, support mechanisms such as state aid intercepts or direct state funding. We generated these medians from 2026 and 2025 cash flow analyses for 65 distinct pools with public ratings under our criteria (see
