S&P Global Ratings assigned its 'AAA' long-term rating to Cincinnati, Ohio's series 2016A, B, and C water system revenue bonds. We have also affirmed our 'AAA' rating on the city's outstanding water system bonds and removed our rating on its series 2005B water revenue bonds because the bonds have been defeased. The rating reflects, in our opinion, the combination of a very strong enterprise risk profile and an extremely strong financial risk profile. The outlook is stable. The enterprise risk profile reflects our view of the system's: Service area participation in the broad and diverse Cincinnati metropolitan statistical area (MSA) economy; Very low industry risk as a monopolistic service provider of an essential public utility; Generally affordable rates as benchmarked
