S&P Global Ratings raised its long-term rating to'AAA'from'AA+'on Milpitas Municipal Financing Authority , California's series 2017 wastewater revenue refunding bonds and series 2019 wastewater revenue bonds, issued on behalf of Milpitas . The outlook is stable. The upgrade reflects the wastewater system's maintenance of extremely strong all-in debt service coverage (DSC) averaging 4.8x and very strong cash and liquidity position averaging 1,500 days, or about $60 million, in the last three audited years driven by consistently positive financial performance given management's proactive approach. In addition, litigation was resolved with no material impact on the system's finances, rates, or debt obligations. The bonds are payable from installment payments that are secured by the net revenues of the
