S&P Global Ratings corrected by lowering its long-term rating to ‘AA’ from ‘AA+’ on Beaver Water District of Benton and Washington Counties (BWD), Arkansas’ water revenue bonds outstanding and removed the rating from CreditWatch, where it had been placed with negative implications on Oct. 6, 2026. The outlook is stable. The rating action and removal from CreditWatch reflect a misapplication of criteria in our prior analysis of BWD, which is a wholesale utility with four members. Under our previous analysis, we incorrectly applied the criteria because we applied an upward adjustment to raise the rating on the wholesale utility above the members’ credit quality. However, this was not appropriate under our criteria, as the size of the pool is 10
