...S&P Global Ratings assigned its '##+' rating to Irving, Texas' $19.4 million series 2021 waterworks and sewer system new-lien revenue bonds. At the same time, S&P Global Ratings affirmed its '##+' rating on the city's utility bonds outstanding. The outlook is stable. Bond proceeds will fund various projects in line with the city's capital improvement plan. 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 1.1x maximum annual debt service of all bonds outstanding 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, provides additional liquidity....
