S&P Global Ratings assigned its 'AA-' rating to Springdale, Ark.'s approximately $58.7 million series 2025 water-and-sewer revenue bonds. The outlook is stable. Net water-and-sewer-system revenue secures the bonds. As of Sept. 31, 2024, the Springdale water and wastewater commission had $43 million of debt outstanding. Officials intend to use series 2025 bond proceeds to fund the wastewater system's expansion to accommodate customer growth. We view bond provisions as credit neutral. The rating reflects our opinion of the combined systems' robust financial profile, supported by a strong service-area economy in a growing region. However, a major customer representing 10% of revenue is closing in August 2025. While the utility expects this will lower revenue by $2.9 million annually, we expect financial
