S and P Ratings Presentation_12-16-2025.pdf

This is a Standard & Poor's Ratings Presentation document analyzing debt service projections across multiple states' leveraged and unleveraged water infrastructure programs. The presentation evaluates annual debt service forecasts in millions of dollars spanning from 2026 through 2056, comparing 31 states organized into three performance categories: leveraged programs (including Oklahoma, Iowa, South Dakota, Indiana, and Massachusetts), average programs (including South Carolina, California, Virginia, and Texas), and unleveraged programs (including Oregon, Nebraska, Alabama, and Hawaii). The data presented appears to support the Massachusetts Clean Water Trust Series 28 Bonds Request for Ratings (RFR) for 2026, which seeks ratings for municipal bonds issued by the Commonwealth of Massachusetts to finance clean water infrastructure projects.

The presentation provides a comprehensive multi-decade debt service projection framework that allows stakeholders to assess the financial trajectory and rating implications of water infrastructure financing across comparable state programs. The comparative analysis enables rating agencies to benchmark Massachusetts' leveraged program against peer states, informing credit quality assessments for the Series 28 bond issuance. By projecting debt service obligations annually through 2056, the document supports long-term financial planning and investor confidence in the sustainability of the clean water trust's financing structure. The inclusion of leveraged versus unleveraged program categories indicates differentiation in financing mechanisms, with Massachusetts classified among the leveraged programs category, suggesting use of financial tools to enhance project funding capacity and bond issuance efficiency.