S&P Global Ratings affirmed its 'AA-' long-term rating on Brownsburg (Hendricks County), Ind.'s series 2019 sewage works refunding revenue bonds. The outlook is stable. The bonds are secured by the net revenues of the sewage works system, including sewer and stormwater net revenues (excluding transfers for payment in lieu of property taxes). Our all-in coverage (AIC) calculation includes transfers out for payment in lieu of taxes. Bond provisions include an additional bonds test set at 125% pro forma maximum annual debt service (MADS). In addition, rates must be established to provide for net revenue at least sufficient to cover annual operating and debt service costs. The sewage system had approximately $25 million of outstanding obligations as of fiscal year-end Dec.
