...S&P Global Ratings assigned its '##' long-term rating to the City of Fayetteville, N.C.'s Public Works Commission's (PWC) revenue bonds series 2018, and affirmed its '##' ratings on the commission's parity obligations outstanding. The outlook is stable. The 2018 bonds include about $72 million in new money (primarily for water and wastewater) and $16 million for refunding purposes. The bonds are secured by a net revenue pledge of the combined electric, water, and wastewater utility system. At fiscal year end2018, the utility had $270 million of debt outstanding. The rating reflects our opinion of a very strong enterprise risk profile and a very strong financial risk profile. Key factors supporting the rating drivers are a deep and diverse service area, credit supportive policies, and robust financial metrics. Constraining credit improvement are substantial capital needs associated with the water and sewer systems, which are, expected to result in the doubling of debt over the next five...
