S&P Global Ratings affirmed its 'A' long-term rating on Watauga River Regional Water Authority, Tenn.'s series 2017 waterworks production system revenue refunding bonds. The outlook is stable. We view bond provisions for the series 2017 bonds as credit neutral. Project participants are committed to becoming full-requirements customers of the authority. Including the system's state revolving fund (SRF) loan debt, the authority has $9.7 million in debt outstanding as of June 30, 2023. In addition to its portion of expenses, each participant pays a surcharge to the authority expressly restricted for the authority's debt service, which is based on the number of ultimate retail meters of each system. The authority can adjust its rates and fees, including a designated debt service
