S&P Global Ratings affirmed its 'AA-' underlying rating (SPUR) on Greer, S.C.'s Commission of Public Works' (CPW) combined utility revenue bonds. The outlook is stable. The outstanding bonds are secured by a net revenue pledge of the combined utility, which includes electric, gas, water, and wastewater services. As of Dec. 31, 2022, the utility had $48 million of debt outstanding. CPW's combined utilities together provide electric, gas, water, and wastewater services to more than 90,000 customers. Our analysis considers the financial contributions of each of the systems to meet the combined utility's financial obligations. We have applied our retail electric criteria in performing the analysis because the electric and gas systems' net revenue presents a large amount available for servicing
