S&P Global Ratings assigned its 'AA' long-term rating to the Fayetteville Public Works Commission, N.C.'s (PWC) $75.745 million series 2024 revenue refunding bonds. The outlook is stable. The 2024 revenue refunding bonds are secured by parity pledged net revenues from PWC's combined water, wastewater, and electric system that secure the senior-lien revenue bonds. Although we incorporate the credit attributes of the electric system into our analysis and factor in the diversity provided by the three utility systems, our rating methodology is based on "U.S. Municipal Water, Sewer, And Solid Waste Utilities: Methodology And Assumptions," published April 14, 2022, because 87% of PWC's net revenues for debt service are generated from its water and sewer operations. PWC had about $333 million
