S&P Global Ratings affirmed its 'A+' underlying rating (SPUR) on Greer, S.C.'s combined utility system bonds outstanding. The outlook is stable. The rating reflects our view of the following credit strengths: The four utility systems (electric, gas, water, and sewer) contribute to a diverse revenue stream. Fixed charge coverage, which reflects contractual commitments to service Piedmont Municipal Power Agency (PMPA) debt and treats recurring transfer payments as operating expenses, was at least 1.5x in the past three fiscal years. Projections indicate it to be at least 1.6x for the next five years, a level we view as consistent with the rating. Energy Information Administration data show that residential retail electric rates were slightly below South Carolina's average, which we believe
