S&P Global Ratings assigned its 'AA' rating to Metropolitan District Hartford County (MDC), Conn.'s $40 million clean water project (CWP) revenue bonds, series 2024. The outlook is stable. The clean water project charge (CWPC) revenue secures the revenue-supported bonds. The CWPC is available only to pay debt service on CWP-related debt and to pay capital expenditures for CWP capital expenses. The surcharge is not available to pay district operating expenses. Under the special obligation indenture that governs the CWP revenue bonds, the rate covenant requires the district to ensure pledged revenue available for debt service provide at least 1.2x annual debt service coverage (DSC). For calculating revenue available for debt service, bond provisions permit inclusion of transfers from the rate
