Summary: South Dakota Conservancy District; Note; State Revolving Funds/Pools Aug 10

Standard & Poors, August 2010

Abstract
The 'SP-1+' short-term rating assigned to South Dakota Conservancy District's series 2010 state revolving fund program bond anticipation notes (BANs) is based on a pledge of all repayments made under the pledged loan agreements and other various funds pledged under the master indenture, standing authority to issue long-term debt as needed, and historical ability to access the long-term capital market. The 'AAA/A-1+' rating on the series 2008 bonds has been affirmed; the short-term component of the rating represents the likelihood of payment of tenders and reflects separate standby bond purchase agreements (SBPAs) provided by U.S. Bank N.A. (AA-/A-1+). The 'AAA' long-term rating on the district's state revolving fund program bonds has been affirmed and reflects the following credit characteristics: Program...

Companies mentioned in this report are: South Dakota Conservancy Dist
Action: Affirmed
Action: New Rating
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.

South Dakota Conservancy Dist

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