S&P Global Ratings assigned its'BBB'long-term rating to Pioneer Rural Water District , South Carolina's anticipated $14.7 million series 2026 waterworks system revenue bonds. The outlook is stable. The bonds are secured by the net revenue of the district's water system. They are additionally secured by a debt service reserve fund, and a rate covenant requiring that rates be set to cover 120% of debt service coverage and operating expenses. The district's approximately $770,000 of outstanding state revolving fund (SRF) loan (senior lien) debt will be refunded through this bond issuance. As a result, the series 2026 bonds will be issued on a senior-lien basis with the district's U.S. Department of Agriculture (USDA) bonds, which we do not rate.
