S&P Global Ratings assigned its 'AA' long-term rating to the City of Fayetteville Public Works Commission (PWC), N.C.'s $165.695 million series 2023 revenue bonds. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating on the PWC's parity obligations outstanding. The outlook is stable. The 2023 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 over 70% of PWC's
