Standard & Poor's Ratings Services assigned its 'AAA' rating to Ohio Water Development Authority's (OWDA) $49.065 million drinking water assistance fund revenue refunding bonds, state-match series 2005 and leverage series 2005, and affirmed its 'AAA' long-term rating and underlying rating (SPUR) on the authority's outstanding debt. The rating reflects the program's: High debt service coverage levels due to cross-collateralization between the surplus funds of the drinking water assistance fund (DWAF) and OWDA's water pollution control loan fund (WPCLF), which is rated 'AAA'; Very capable, experienced, and proactive management team, which has estimably managed all OWDA programs; and Excellent track record of loan repayments from both the DWAF and the WPCLF programs' large portfolio of borrowers. Strong coverage of loan payments,...
Companies mentioned in this report are:
- Ohio Wtr Dev Auth
Action: New Rating
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