...S&P Global Ratings assigned its '##+' rating to Irving, Texas' series 2020 waterworks and sewer system new lien revenue refunding and improvement bonds. At the same time, we have affirmed our '##+' rating on the city's outstanding utility bonds. The outlook is stable. The proceeds will be used to refund a portion of the system's existing bonds for savings and provide about $17 million for capital projects. Net waterworks and sewer system revenues secure the payment of debt service. Bond provisions include a rate covenant of 1.0x annual debt service and additional bonds test of either 1.25x average annual debt service or 1.10x maximum annual debt service of all outstanding bond after issuance of additional new lien bonds. In addition, a debt service reserve fund equal to the greater of 50% of average annual debt service, or 33% of maximum annual debt service (MADS), provides additional liquidity....
