...S&P Global Ratings has affirmed its 'A+' issuer credit rating (ICR) on the City of Newport, R.I.'s water enterprise fund. The rating reflects our view of the utility's very strong enterprise risk profile and strong financial risk profile. The outlook is stable. Our opinion of the utility's very strong enterprise risk profile reflects its: + Diverse service area, which receives stability from Naval Station Newport; + Water rates that we believe are affordable given local incomes and the somewhat low county poverty rate; + Sufficient water supply and ample water capacity to meet demands; and + Manageable capital needs, which the city continues to fund from restricted funds and loans from the Rhode Island Infrastructure Bank. Our opinion of the utility's strong financial risk profile reflects its: + Strong coverage of approximately 1.3x; + Very strong liquidity due to the presence of a number of accounts reserved to fund operations and capital, which supplement the low unrestricted cash balances;...
