S&P Global Ratings assigned its ?AA+? long term rating to Beaver Water District of Benton and Washington Counties (BWD), Ark.?s $100 million series 2025 water revenue bonds. The outlook is stable. The bonds are secured by a pledge of the BWD?s revenues and other resources. Primarily revenues derived from the sale of water to the cities of Bentonville, Fayetteville, Rogers and Springdale. BWD has covenanted to set rates that generate net revenues representing no less than 110% of annual debt service requirements. The bonds are rated under our wholesale criteria, reflecting our view of the underlying participants? operations, along with BWD?s ability to increase rates under a wide range of circumstances. We consider BWD?s ability to set rates to generally
