S&P Global Ratings affirmed its 'AA-' rating on Greer, S.C.'s Commission of Public Works' (CPW) combined utility revenue bonds. The outlook is stable. The bonds are secured by a net revenue pledge of the combined utility, which includes electric, gas, water, and wastewater services. At fiscal year-end 2019, the utility had $61 million of debt outstanding. Greer CPW is a combined utility, providing a diverse revenue stream from electric (50% of 2019 operating revenue), natural gas (29%), water (9%), and wastewater (7%) services. Greer's gas system serves about 28,000 customers and its electric system, approximately 24,000. The water system serves about 20,000 customers and the sewer system, about 14,000. The customer base has been steadily increasing 1%-2% for each system.
