...S&P Global Ratings assigned its 'A' long-term rating to Woonsocket, R.I.'s 2019 safe drinking water revolving fund revenue bonds. At the same time, S&P Global Ratings affirmed its 'A' long-term rating on the city's water revenue parity debt outstanding. The rating reflects the water system's strong enterprise and financial risk profiles, in our opinion. The outlook is stable. The strong enterprise risk profile reflects the system's: + Relatively stable and diverse customer base, with adequate local income levels; + Affordable rates relative to service area wealth levels and poverty rate; + Restrictions on rate-setting flexibility due to the need for Public Utilities Commission (PUC) approval; and + Operational management practices that we consider standard. The strong financial risk profile reflects the system's: + Exceptionally strong all-in coverage in recent years, which we expect will decline significantly over the next few years, but remain at levels that we consider strong; + Very...
