...S&P Global Ratings raised its rating on Greer, S.C.'s Commission of Public Works' (CPW) combined utility revenue bonds to '##-' from 'A+'. The outlook is stable. The upgrade reflects a trend of extremely strong coverage of fixed costs, as well as the application of our "U.S. Municipal Retail Electric And Gas Utilities: Methodology And Assumptions" criteria (published Sept. 27, 2018). The bonds are secured by a net revenue pledge of the combined utility, which includes electric, gas, water, and wastewater services. At fiscal year-end 2018, the utility had $68 million of debt outstanding. The rating reflects our opinion of a strong enterprise risk profile and an extremely strong financial risk profile. The enterprise risk profile reflects our view of Greer's: + Strong service area economic fundamentals, reflecting a diverse and primarily residential customer base that provides revenue stability, balanced by income levels that are 90% of the U.S. average, which suggests a constraint on rate-raising...
