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Fitch Upgrades Indiana Finance Auth CWA Project First Lien Wastewater Revs to 'A+'; Outlook Stable

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September 6, 2019

Press Release

Fitch Ratings assigns an 'A+' rating to the following Indiana Finance Authority (IFA) bonds issued on behalf of CWA Authority, IN (CWA):

--Approximately $40.5 million first lien wastewater utility revenue bonds, series 2019A (CWA Authority Project) (Green Bonds).

The 2019A bonds are being sold to fund various CWA wastewater system (the system) capital improvements, repay draws under a line of credit, fund a debt service reserve surety policy and pay costs of issuance. The bonds are expected to sell via negotiation the week of Sept. 23, 2019.

Fitch also upgrades to 'A+' from 'A' the rating on the following outstanding IFA bonds issued on behalf of CWA:

--$559.8 million in outstanding first lien wastewater utility revenue bonds, series 2014A 2015A and 2016A (CWA Authority Project);
--$41.9 million in outstanding second lien wastewater utility refunding revenue bonds, series 2016B (CWA Authority Project).

The Rating Outlook is Stable.