S&P Global ratings raised its rating on Indiana Finance Authority's (IFA) outstanding revenue bonds, issued for Citizens Wastewater of Westfield LLC (Westfield Wastewater), to 'AA' from 'AA-'.
- In addition, S&P Global Ratings assigned its 'AA' long-term rating to IFA's $20 million series 2024A wastewater utility revenue bonds, issued for Westfield Wastewater.
- The outlook is stable.
- The upgrade is due to strong and supportive management policies, a service base that continues to support strong rate affordability, consistent rate case approvals from the Indiana Utility Regulatory Commission (IURC), and steady financial performance that we believe is sustainable.
- Limiting further upside is historical fluctuation in system liquidity and limitations due to regulatory oversight and corporate structure that introduces uncertainty regarding debt restructuring risk.
