S&P Global Ratings assigned its 'AA+' rating to Irving, Texas' $31.3 million series 2022 waterworks and sewer system new-lien revenue refunding and improvement bonds. At the same time, S&P Global Ratings affirmed its 'AA+' 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 and refund the series 2012 revenue bonds for savings. Net waterworks and sewer system revenues secure the payment of debt service. In our view, Irving benefits from forward-looking planning and risk mitigation that support stable operations and a solid financial position, as well as from being a collection and distribution-only utility system, which reduces associated operating risks. The city's local economy
