S&P Global Ratings assigned its 'AA' rating to Temple, Texas' $21 million series 2023 utility system revenue bonds. At the same time, S&P Global Ratings affirmed its 'AA' rating on the utility's debt outstanding. The outlook is stable. The system's first-lien net water-and-sewer-system revenue pledge secures the bonds. We consider bond provisions adequate. Officials intend to use the bond proceeds to fund a portion of the system's overall capital improvement plan (CIP). Total debt outstanding after issuance of the series 2023 is approximately $204 million. The rating reflects our view of the utility system's sizable CIP, targeted at addressing aging infrastructure and capacity expansion, although we expect financial projections will remain stable given modest, annual rate increases. The utility's master
