Summary: Cedar Park, Texas; Water/Sewer

S&P Global Ratings assigned its 'AA+' long-term rating to Cedar Park, Texas' the $11 million series 2020 utility system revenue bonds. At the same time, we affirmed our 'AA+' rating on the city's previously issued utility revenue bonds. The outlook on all the ratings is stable. The proceeds of the 2020 bonds will be used to fund a portion of the Brushy Creek Regional Wastewater System (BCRWWS) $136 million expansion project, of which Cedar Park's share is 21%. The bonds are secured by a pledge of net water and sewer system revenues and are on parity with outstanding debt. We view bond provisions as credit neutral with key bond provisions including a spring debt service reserve, as well as a

...S&P Global Ratings assigned its '##+' long-term rating to Cedar Park, Texas' the $11 million series 2020 utility system revenue bonds. At the same time, we affirmed our '##+' rating on the city's previously issued utility revenue bonds. The outlook on all the ratings is stable. The proceeds of the 2020 bonds will be used to fund a portion of the Brushy Creek Regional Wastewater System (BCRWWS) $136 million expansion project, of which Cedar Park's share is 21%. The bonds are secured by a pledge of net water and sewer system revenues and are on parity with outstanding debt. We view bond provisions as credit neutral with key bond provisions including a spring debt service reserve, as well as a sufficiency rate covenant and additional bonds test set at 1.2x combined annual debt service coverage on all outstanding bonds....

Summary