S&P Global Ratings lowered its long-term rating to 'A-' from 'A' on Story City, Iowa's water revenue bonds based on the application of its revised criteria, "Rating Methodology And Assumptions For U.S. Municipal Waterworks And Sanitary Sewer Utility Revenue Bonds" (published Jan. 19, 2016, on RatingsDirect). The outlook is stable. The rating reflects, in our opinion, the combination of a strong enterprise risk profile and an adequate financial risk profile. The enterprise risk profile reflects our view of the water system's: Service area participation in the limited Ames metropolitan area economy; Very low industry risk as a monopolistic service provider of an essential public utility; Generally affordable rates, however pressured by a high county poverty rate; and Good operational management
