...June 10, 2022 NEW YORK (S&P Global Ratings) June 10, 2022--S&P Global Ratings assigned its '###' rating to Charleston, S.C.'s series 2022 waterworks and sewer system refunding revenue bonds. At the same time, we affirmed our '###' long-term rating on the water and sewer parity revenue bonds. The outlook is stable. "The '###' rating is supported by our view of the systems' service area that continues to grow and diversify, moderately affordable combined rates, strong Operational Management Assessment, extremely strong total debt service coverage (DSC) and liquidity position, limited additional debt needs, and financial management assessment we consider strong," said S&P Global Ratings credit analyst Edward McGlade. The city's gross revenue pledge of its waterworks and sewer systems (less operations and maintenance expenditures) secure the series 2022 bonds, which we consider equivalent to a net revenue pledge. We understand the 2022 bond proceeds will be used to fund certain capital improvements....
