S&P Global Ratings placed its 'A-' long-term rating and underlying rating (SPUR) on DeKalb-Jackson Water Supply District Inc., Ala.'s utility revenue debt and 'BBB+' long-term rating on DeKalb-Jackson Cooperative District's series 2016 revenue bonds on CreditWatch with negative implications. The cooperative district was established to allow the water supply district to financially support a start-up gas utility, the Upper Sand Mountain Gas District (USMGD). This means there is a one-in-two chance we will lower the rating, potentially by more than one notch, within the next 90 days. The CreditWatch follows several years of USMGD customer growth below initial projections. This slower growth means that the timeline for the gas utility to become financially self-supporting has been pushed out. Recent audits
