S&P Global Ratings assigned its 'AAA' rating and stable outlook to Cincinnati, Ohio's roughly $51.48 million series 2020A water system revenue refunding bonds. The city will use series 2020A bond proceeds to advance refund, and provide the legal defeasance for, a portion of the city's series 2015A and 2016A water system revenue bonds. A pledge of, and lien on, net water system revenue secures debt-service payments. The stable outlook reflects S&P Global Ratings opinion the system will likely continue to generate financial results that routinely meet or exceed projections within the two-year outlook. Other factors supporting the rating include: The maintenance of strong liquidity, which management could use to absorb unexpected revenue decreases or expenses; The continuation of annual rate
