This report does not constitute a rating action. 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 almost $484.4 million in equity, and a net equity-to-assets ratio of 24.% in fiscal 2025 and 24.6% on a five-year average, which we view as comparable with that of
