...The 'AA+' revenue bond rating reflects the system's 'Very Strong' financial profile within the framework of 'Very Strong' revenue defensibility assessed at 'aa' and a 'Strong' operating risk profile assessed at 'a'. The system's leverage, measured as net adjusted debt to adjusted funds available for debt service, was extremely low at 2.2x in fiscal 2025 (FYE Sept. 30) and is projected to peak at 5.6x in fiscal 2027 in Fitch's Analytical Stress Test rating case. Limited headroom is maintained as the system progresses through an expansionary, capital-intensive period with robust rate increases in place. The rating could become pressured if costs escalate above current estimates or projected revenue growth is not attained....
