S&P Global Ratings assigned its 'AA+' long-term rating on Cedar Park, Texas' $8 million series 2024 utility system revenue bonds. We also affirmed our 'AA+' long-term rating on the utility's existing revenue debt. The outlook is stable. The bonds are secured by a pledge of net water and sewer system revenues and are on parity with debt outstanding. We view the bond provisions as credit neutral, with key provisions including a springing debt service reserve if annual debt service is less than 1.35x, as well as a sufficiency rate covenant and additional bonds test set at 1.2x combined annual debt service coverage (DSC) on all existing bonds. Proceeds of the series 2024 issuance will be used to finance a variety
