Summary: Greer, South Carolina; Combined Utility

S&P Global Ratings assigned a 'AA-' long-term rating to Greer, S.C.'s Commission of Public Works' (CPW) $14.9 million series 2024 combined utility revenue bonds. At the same time, we affirmed our 'AA-' long-term rating on Greer's combined utility revenue debt outstanding. The outlook is stable. The outstanding bonds are secured by a net revenue pledge of the combined utility. As of Dec. 31, 2023, the utility had $38.4 million of debt outstanding. CPW's combined utilities together provide electric, natural gas, water, and wastewater services. 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

...--Fiscal year ended Dec. 31-- 2023 2022 2021 Operational metrics Electric customer accounts 33,556 32,207 33,047 % of electric retail revenues from residential customers 59 57 57 Top 10 electric customers' revenues as % of total electric operating revenue 14 16 15 Service area median household effective buying income as % of U.S. 98 96 100 Weighted average retail electric rate as % of state NA 98 97 Financial metrics Gross revenues ($000s) 108,930 111,937 100,388 Total operating expenses less depreciation and amortization ($000s) 79,319 91,029 73,340 Debt service ($000s) 6,387 6,338 6,253 Debt service coverage (x) 4.6 3.3 4.3 Fixed-charge coverage (x) 2.1 1.7 2.1 Total available liquidity ($000s)* 19,141 24,482 31,130 Days' liquidity 88 98 155 Total on-balance-sheet debt ($000s) 43,023 48,408 52,923 Debt-to-capitalization (%) 14 16 18 *Total available liquidity includes available committed credit line balances, where applicable. Debt service coverage--Revenues minus expenses divided by...

Summary