S&P Global Ratings assigned its 'A' long-term rating to the Allegheny County Sanitary Authority (ALCOSAN), Pa.'s series 2016 refunding sewer revenue bonds. At the same time, we affirmed our 'A' rating on the authority's debt outstanding. The outlook is stable. The rating reflects, in our opinion, the combination of a very strong enterprise risk profile and a strong financial risk profile. The enterprise risk profile reflects our view of the system's: Service area participation in the broad and diverse Pittsburgh metropolitan area; Very low industry risk; Strong market position assessment; and Good operational management practices and policies. The financial risk profile reflects our view of the system's: Good and improving coverage levels; Very strong liquidity; Above-average debt burden with significant
