...S&P Global Ratings affirmed its '##' rating on the City of Fayetteville, N.C.'s public works revenue bonds, series 2016. At the same time, S&P Global Ratings affirmed its '##' rating on the system's parity debt. The outlook is stable. The rating reflects our opinion of the system's: + Solid financial metrics, including cash on hand and $71 million in its electric, water, and wastewater rate stabilization funds and coal ash reserve funds, sufficient to cover roughly 300 days' operating expenses, as well as strong fixed-charge coverage (FCC) of 1.6x-1.7x in 2015-2017; + Diverse customer base; and + Modest leverage, even after the expected issuance of approximately $62 million and $76 million of additional revenue bonds in fiscal years 2019 and 2021 to fund capital spending. Partially offsetting these strengths, in our view, are: + The system's just-adequate demographics, with unemployment that has historically been above the state and U.S. rates, and median household effective buying income...
