Summary: Ohio Water Development Authority; State Revolving Funds/Pools Oct 09

Standard & Poors, October 2009

Abstract
The 'AAA' ratings on Ohio Water Development Authority's (OWDA) water pollution control loan fund (WPCLF) and drinking water assistance fund (DWAF) revenue bonds reflect the following credit factors: High debt service coverage levels combined with cross-collateralization between the surplus funds of the DWAF and the WPCLF; Excellent track record of loan repayments from both the DWAF and the WPCLF programs' large portfolio of borrowers; and Very capable, experienced, and proactive management team. These factors mitigate concerns about a weak additional bonds test of 1.05x coverage and the authority's ability to depledge loans. The authority is planning on depledging $2 billion of outstanding loans, the interest portion of which are pledged to repayment on WPCLF state match bonds. We do not...

Companies mentioned in this report are:
- Ohio Wtr Dev Auth

Action: Affirmed
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Ohio Wtr Dev Auth

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