S&P Global Ratings affirmed its 'AAA' rating on Cincinnati, Ohio 's existing water system debt, issued for Greater Cincinnati Water Works (GCWW). The outlook is stable. The bonds are secured by net revenues of the water system. We consider the bond provisions to be adequate. Total debt outstanding as of June 30, 2023, is $538.96 million. GCWW demonstrates strong fiscal management, strengthened by acting as a regional provider with high desirability of its water resources. Growing demand from wholesale customers has strengthened revenue in fiscal year 2023, with management anticipating this positive trend will continue. Considering stable, high all-in debt service coverage (DSC) and exceptionally strong liquidity reserves in the past several fiscal years, we anticipate the utility has substantial
