...S&P Global Ratings assigned its '###' long-term rating to Charlotte, N.C.'s series 2020 water and sewer system revenue refunding bonds. At the same time, we affirmed our '###' rating on the city's previously issued water and sewer system revenue bonds. The outlook is stable. A net pledge of the water and sewer system secures the bonds. Officials intend to use series 2020 bond proceeds to refund the city's series 2009B bonds, take out the fully drawn 2018 bond anticipation notes (BANs), and pay the associated issuance costs. The '###' long-term component of the ratings on the series 2006B variable-rate water and sewer revenue bonds reflects the city's water and sewer rating. The short-term component of the ratings reflects the credit quality of the respective liquidity facility providers. Due to Charlotte's limited exposure to federal revenues, we believe the '###' rating on the city's combined enterprise system revenue bonds, which exceeds the U.S. sovereign credit rating, is warranted...
