Summary: Lewisville, Texas; Water/Sewer

S&P Global Ratings assigned its 'AAA' long-term rating to  Lewisville, Texas' series 2021 waterworks and sewer system revenue bonds. At the same time, we affirmed our 'AAA' rating on the city's outstanding revenue debt. The outlook is stable. Net revenues of the water and sewer system secure the approximately $16.9 million series 2021 bonds. After the issuance, Lewisville will have just over $78.35 million in outstanding parity revenue debt. Officials intend to use series 2021 bond proceeds to construct several improvements to the utility collection and distribution system, including capacity expansion in the wastewater treatment plant and other improvements. Bonds provisions are credit neutral and include: A debt service reserve, funded at average annual debt service; A rate covenant that

...S&P Global Ratings assigned its '###' long-term rating to Lewisville, Texas' series 2021 waterworks and sewer system revenue bonds. At the same time, we affirmed our '###' rating on the city's outstanding revenue debt. The outlook is stable. Net revenues of the water and sewer system secure the approximately $16.9 million series 2021 bonds. After the issuance, Lewisville will have just over $78.35 million in outstanding parity revenue debt. Officials intend to use series 2021 bond proceeds to construct several improvements to the utility collection and distribution system, including capacity expansion in the wastewater treatment plant and other improvements. Bonds provisions are credit neutral and include: + A debt service reserve, funded at average annual debt service; + A rate covenant that stipulates maintaining rates at a minimum of 1.10x annual debt service; and + An additional bonds test that allows additional debt issuance but only if net revenues cover average annual debt service...

Summary