S&P Global Ratings has assigned its long-term rating of 'BBB-' on German Township Sewer Authority (GTSA) Pa.'s series 2021 sewer revenue bonds. The outlook is stable. Bond proceeds will be used to current refund the authority's guaranteed sewer revenue bond, series A of 2014 and guaranteed sewer revenue bond, series B of 2014 and paying the premium on a debt service reserve fund surety bond. We view the bond provisions as standard. The bonds are secured by the net revenue of the authority's wastewater system. Bond provisions include a rate covenant equal to 1.10x of annual debt service. The rating reflects our opinion of the authority's susceptible financial profile marked by thin reserves, margins, and just adequate projected all-in coverage,
