CENTENNIAL (S&P Global Ratings) Oct. 12, 2021--S&P Global Ratings raised its underlying rating (SPUR)- to 'BBB' from 'BBB-' on Atwater, Calif.'s wastewater revenue refunding bonds outstanding. The outlook is stable. "The upgrade reflects the removal of a rating cap on the wastewater system based on management's risk-mitigation efforts to stabilize general fund and sanitation operations that limit the potential for extraordinary support or intervention from the related government," said S&P Global Ratings credit analyst Malcolm D'Silva. "We view the city's improved governance under environmental, social, and governance factors as driving the rating action. Furthermore, with positive fund balances within the general fund and enterprise operations, auditors removed the going concern opinion from the city's recent audits." In response to its
