S&P Global Ratings affirmed its 'BBB-' long-term rating on German Township Sewer Authority , Pa.'s outstanding revenue bonds. The outlook is stable. The outstanding bonds are secured by the net revenue of the authority's wastewater system. Bond provisions include a rate covenant equal to 1.10x of annual debt service. The authority's outstanding revenue debt totaled $6.4 million as of Dec. 31, 2023. The rating reflects the utility's shallow local economic fundamentals, thin unrestricted cash levels, and lack of well-codified financial policies or comprehensive long-term financial and capital planning. In our opinion, historical financial metrics have been volatile, and debt service coverage (DSC) has declined to 1.36x as of fiscal-year 2024 (unaudited) from a high of 2.0x in fiscal 2022 and
