S&P Global Ratings assigned its 'AA' rating to the Fayetteville Public Works Commission (PWC), N.C.'s anticipated $151.265 million series 2025 revenue bonds. At the same time, we affirmed our ?AA? rating on the PWC?s existing revenue bonds. The outlook is stable. The bonds are secured by parity pledged net revenues from PWC?s combined water, wastewater, and electric system that secure the senior-lien revenue bonds. Although we incorporate the credit attributes of the electric system into our analysis and factor in the diversity provided by the three utility systems, our rating methodology is based on ? U.S. Municipal Water, Sewer, And Solid Waste Utilities: Methodology And Assumptions ,? April 14, 2022, because 65% of net revenue for debt service is generated
