...S&P Global Ratings assigned its 'A+' long-term rating to North Platte, Neb.'s approximately $6.5 million 2021 sewer system revenue refunding bonds and at the same time we affirmed our 'A+' long-term rating to North Platte sewer system revenue bonds. The outlook is stable. The series 2021 bonds will be used to refund outstanding sewer system obligations, including the series 2011, 2011B, and 2015 for interest savings. As of Sept. 30, 2020, the city's wastewater utility supported $9.1 million of outstanding obligations. Net revenue of the wastewater system secure the bonds. Bond provisions are credit neutral and include a rate covenant set at 1.25x operating and debt service expenses and an additional bonds test set at least 125% pro forma average annual debt service. The series 2021 bonds will not have a debt service reserve, which we view as credit neutral given the strength of the wastewater system's liquidity position....
