S&P Global Ratings has assigned its 'AA' rating to the Fayetteville Public Works Commission (PWC), N.C.'s public works revenue bonds, series 2016, issued for Fayetteville. At the same time, S&P Global Ratings affirmed its 'AA' rating on parity debt. The outlook is stable. As of June 30, 2015, the PWC had $252.6 million in long-term debt outstanding. The rating reflects the following factors that we believe support the rating: Solid financial metrics, including cash on hand and $53 million in electric, water, and wastewater rate-stabilization funds, sufficient to cover about 224 days' operating expenses; A diverse customer base, with limited concentration among leading customers and minimal industry concentration; Modest leverage, even after the expected issuance of debt to fund about
