S&P Global Ratings assigned its 'AA+' long-term rating to Cedar Park, Texas' $40.84 million series 2025 senior-lien utility system revenue bonds. We also affirmed our 'AA+' long-term rating on the utility's existing revenue debt. The outlook is stable. The bonds are secured by a pledge of net water and sewer system revenues and are on parity with debt outstanding. We view the bond provisions as credit neutral, with key provisions including a springing debt service reserve if annual debt service is less than 1.35x as well as a sufficiency rate covenant and an additional bonds test set at 1.2x combined annual debt service coverage (DSC) on all existing bonds. The proceeds from the bonds will be used to fund a
