...NEW YORK (S&P Global Ratings) March 16, 2018--S&P Global Ratings raised its long-term rating on Woonsocket, R.I.'s outstanding wastewater revenue bonds two notches to 'A+' from 'A-'. The rating reflects our assessment of the system's very strong enterprise risk profile and strong financial risk profile. The outlook is stable. "The upgrade reflects the completion in 2017 of a substantial upgrade to the city's wastewater treatment plant," said S&P Global Ratings credit analyst Erin Boeke Burke. The city followed a five-year rate plan during construction, which allowed it to build reserves in the wastewater and user charge funds and maintain strong coverage metrics. With modest future capital needs and another rate study planned for the next five years, we believe the credit profile is now consistent with the higher rating. Net revenues of the city's sewer system secure the bonds. A debt service reserve funded to the lesser of 125% average annual debt service, 10% of par, or maximum annual...
