ENGLEWOOD (S&P Global Ratings) March 14, 2023--S&P Global Ratings revised the outlook to positive from stable and affirmed its 'BB' underlying rating on DeKalb-Jackson Water Supply District Inc. (DKJWD), Ala.'s utility revenue debt. We note that the bonds outstanding will be refunded on July 1, 2023, by the district's series 2020A and 2020B utility revenue bonds. At the same time, we affirmed our 'B+' underlying rating on DeKalb-Jackson Cooperative District's (DKJCD) revenue debt, which is a subordinate pledge of water revenues. The cooperative district's total debt outstanding is approximately $19 million. "The outlook revision was primarily driven by growth in the natural gas system revenues," said S&P Global Ratings credit analyst Jaime Blansit. We maintained a two-notch differential between our
