...S&P Global Ratings assigned its '##' long-term rating to Temple, Texas' series 2019 utility system revenue bonds. The rating reflects, in our opinion, the combination of very strong enterprise and financial risk profiles. The outlook is stable. The enterprise risk profile reflects our view of the system's: + Service area participation in the namesake Temple-Belton-Killeen metropolitan statistical area (MSA) economy, with a regional employment base anchored by major health care facilities and Fort Hood and that has performed well for an extended period; + Very low industry risk as a monopolistic service provider of an essential public utility; + Affordable rates relative to income indicators; and + Good operational management practices which includes a secure and diverse long-term water supply that can already support a much larger population. The financial risk profile reflects our view of the utility system's: + Strong all-in debt service coverage (DSC), even though we expect there could...
