S&P Global Ratings affirmed its 'AA-' long-term rating on Redlands, Calif.'s solid waste revenue bonds, issued by the Redlands Financing Authority. The outlook is stable. The rating is based, in our view, on the solid waste system's: Lack of competition, with substantially all refuse collection service within the city provided by the system; Ample operational capacity based on landfill capacity that is expected to be adequate through 2042; Very strong debt service coverage metrics coupled with a strong liquidity position; and Strong collection mechanism based on collection of solid waste charges on a combined utility bill with water and wastewater charges. These strengths are partly offset, in our view, by the solid waste system's: Continuing obligation to fund citywide street
