...S&P Global Ratings assigned its 'A' long-term rating to Woonsocket, R.I.'s 2018 safe drinking water revolving fund revenue bonds. At the same time, we affirmed our 'A' rating on the city's outstanding water revenue parity debt. The rating reflects the 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 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 we consider strong; + Very strong liquidity with over $12.6 million in...
