S&P Global Ratings assigned its ‘AA+’ long-term rating to West Knox Utility District , Tennessee's anticipated $22.275 million series 2026 water and sewer refunding revenue bonds. At the same time, S&P Global Ratings affirmed its ‘AA+’ long-term rating on the district’s revenue bonds outstanding. The outlook is stable. The series 2026 bonds along with West Knox Utility District’s revenue bonds outstanding are secured by a first-lien net revenue pledge of the district's water and sewer system. We view the bond provisions as credit neutral and including a 1.2x maximum annual debt service additional bonds test. In addition, a 1.2x rate covenant secures the bonds. There will not be a reserve fund securing the payment of the bonds, but we view
