...The 'AAA' bond rating and 'aaa' SCP take into consideration the system's financial profile assessment in the context of a very low operating risk profile and very strong revenue defensibility. The system exhibits very favorable service area characteristics with largely affordable rates. A very low operating cost burden and moderate life cycle needs support the 'aa' operating risk profile. Leverage, measured as net adjusted debt-to-adjusted funds available for debt service (FADS), finished fiscal 2021 at an exceptionally low 4.6x, slightly below fiscal 2020 results. The city has been growing rapidly for many years. As a result, the system has been investing in expansion and rehabilitation to accommodate the growth. Most recent projected capex and associated debt through 2026 are expected to drive leverage notably higher than previous reviews, outside a 'aaa' financial profile assessment. To date, however, the system has demonstrated better than budgeted financial performance and, with a...