...S&P Global Ratings affirmed its '###-'underlying rating on Atwater Public Financing Authority, Calif.'s wastewater revenue debt, issued for Atwater after the application of our updated water and sewer utility criteria "Rating Methodology and Assumptions for U.S. Municipal Waterworks and Sanitary Sewer Utility Revenue Bonds" (published Jan. 19, 2016, on RatingsDirect). The outlook is stable. We view the wastewater system as having an adequate enterprise risk profile and a strong financial risk profile, which map to an indicative rating of 'a-/###+' in our revenue debt criteria matrix. However the city's general and sanitation funds have suffered ongoing deficits in recent years and have been characterized as going concerns in the most recent audited financial statements for fiscal 2015. Based on our criteria, we have applied a rating cap of '###-' to our rating on the wastewater system, reflecting the going concerns for these funds which, in our view, continue to put pressure on wastewater...
