S&P Global Ratings has assigned its 'AAA' rating to Plano, Texas' series 2021 waterworks and sewer system revenue bonds. At the same time, S&P Global Ratings affirmed its 'AAA' rating on the city's revenue bonds outstanding. The outlook is stable. Bonds are secured from net revenues of the water and sewer systems. Bond proceeds will primarily fund improvements to the city's water and sewer systems. Plano has a predominantly locally derived revenue base. Local service charges, derived through an autonomous rate-setting process, represent virtually all of the entity's revenues. Coupled with operating expense flexibility, this limits exposure to federal revenues, allowing the system to be rated higher than the U.S. sovereign rating. Plano's built-out residentially service area provides additional predictability
