Aug. 2, 2018 Direct-pay letter of credit (LOC) Wells Fargo Bank N.A. (rating dependency*) U.S. Bank N.A. Wells Fargo Bank N.A. S&P Global Ratings assigned its 'A-1' rating to Atlanta's series 2018 water and wastewater revenue CP notes. The rating reflects our view of the support Wells Fargo Bank N.A. provides in the form of an irrevocable direct-pay LOC. The LOC fully supports all CP note payment obligations. The issuer can issue up to $125 million of series 2018 CP notes. The aggregate amount of CP notes cannot exceed the LOC's stated amount, and the amount due on each notes' maturity date is fully funded with amounts available under the LOC. When evaluating the notes, we consider various risk factors.
