S&P Global Ratings assigned its 'AA-' rating to Atlanta's series 2018B water and wastewater revenue and refunding bonds. The rating reflects our opinion of the combination of very strong enterprise and financial risk profiles. The outlook is stable. The series 2018B bonds are being issued to refund the city's outstanding water and wastewater revenue commercial paper (CP) notes and to fund additional capital projects. The bonds are secured on a parity basis with the city's other outstanding revenue bonds by a pledge of net revenues derived from operation of the water and wastewater system. The city may issue additional parity revenue bonds as long as senior-lien coverage is at least 1.1x, the same coverage requirement as the rate covenant. A
