...May 13, 2024 SAN FRANCISCO (S&P Global Ratings) May 13, 2024--S&P Global Ratings assigned its '##' long-term rating to Austin, Texas' anticipated $455.7 million series 2024 water and wastewater system revenue refunding and improvement bonds. At the same time, S&P Global Ratings affirmed its '##' long-term rating and underlying rating (SPUR) on the city's outstanding water and wastewater system revenue debt. The outlook is stable. "The rating reflects our opinion that despite extremely strong Austin Water's enterprise profile and market position assessment, it has below average water availability and pro forma financial metrics compared to those of its similarly rated peers," said S&P Global Ratings credit analyst Chloe Weil. "We consider management's ability to deliver capital projects as critical to its credit quality--especially as Austin Water begins its $2.3 billion five-year capital improvement plan, which focuses on wastewater treatment plant expansion and improvement projects," Ms....
