S&P Global Ratings assigned its 'AAA' rating to Charleston, S.C.'s series 2024A waterworks and sewer system capital improvement revenue bonds and series 2024B waterworks and sewer system refunding revenue bonds. At the same time, we affirmed our 'AAA' long-term rating on the water and sewer parity revenue bonds. The outlook is stable. The city's gross revenue pledge of its waterworks and sewer systems (less operations and maintenance expenditures) secures the series 2024 bonds, which we consider equivalent to a net revenue pledge. We understand the 2024A bond proceeds will be used to fund certain capital improvements, and the series 2024B bonds will be used to refund the series 2020A and 2015 bonds. We view the bond provisions as credit neutral.
