...S&P Global Ratings assigned its '###' long-term rating to Lewisville, Texas' series 2019 waterworks and sewer system revenue bonds. The rating reflects, in our opinion, the combination of extremely strong enterprise and financial risk profiles. At the same time, we have affirmed our rating on the city's outstanding revenue bonds. The outlook is stable. The enterprise risk profile reflects our view of the utility system's: + Extremely strong local area economy with access to the Dallas-Ft. Worth-Arlington metropolitan statistical area (MSA); + Economically stable customer base with above-average income metrics; + Rates that we view as low in relation to regional peers and in relation to service area income levels; and + What we view as good overall operational management practices. The financial risk profile reflects our view of the utility system's: + Currently strong all-in debt service coverage (DSC), which may decline due to additional leveraging; + Extremely strong liquidity position;...
