Overview
S&P Global Ratings took 36 rating actions, made 12 outlook revisions, and made 74 CreditWatch actions within the U.S. municipal water and sewer utilities sector in first-quarter 2024. Seventy-two ratings were maintained with no outlook revisions. One rating was removed from CreditWatch and 73 were placed on CreditWatch with negative implications.
Table 1
U.S. Municipal Water & Sewer Utilities Rating Actions, Year-To-Date 2024 | |
---|---|
New rating | 17 |
Upgrade | 8 |
Downgrade | 11 |
Favorable outlook revision | 7 |
Unfavorable outlook revision | 5 |
Removed from CreditWatch | 1 |
CreditWatch with negative implications | 73 |
Maintained ratings with no outlook revision | 72 |
Developing outlook | 1 |
Negative rating actions exceeded positive ones by eleven to eight. Favorable outlook revisions exceeded unfavorable ones by seven to five.
Bond issuance in the sector increased in the first quarter of 2024 to a greater extent than in any quarter in 2023. Ten more new ratings were assigned than in first-quarter 2023. Rating movement also increased, with ten more changes in the first quarter than in first-quarter 2023. Rating pressure was similar to that of first-quarter 2023, with more negative rating actions than positive ones.
First-Quarter Rating Actions
In first-quarter 2024, we lowered eleven ratings and raised eight.
Negative rating actions were primarily due to deteriorating all-in debt service coverage (DSC) and liquidity reserves or to environmental, social, and governance (ESG) factors such as limited transparency, poor risk management, and exposure to climate risks. This is consistent with trends forecast by our outlook, which cited a rising likelihood of narrowing margins and a more complex operating environment, as discussed below.
Positive rating actions were primarily driven by improving financial metrics that were usually the result of strong management policies and practices, often related to rate-setting.
First-Quarter Outlook Revisions And CreditWatch Actions
In the first quarter, we revised one outlook to negative, one to positive, one to developing, and six to stable.
The negative outlook revision was driven by declining DSC metrics due to rising operating expenses. The positive outlook revision reflected strong financial performance that we believe is sustainable given sound financial management practices. Of the six outlooks revised to stable, most were due to proactive management policies and practices that addressed concerns with future financial and operational stability. The developing outlook revision reflected our view on the uncertainty regarding proposed acquisition of a wastewater system by a private operator.
We placed 73 ratings on CreditWatch with negative implications. Thirty-nine were for utilities that had yet to provide S&P Global Ratings with fiscal 2022 financial statements, which we require to maintain timely ratings. Thirty-three followed an analytical error identified in our economic fundamentals assessment (for more, see below). Elevated governance risk related to transparency and reporting drove the remaining CreditWatch action, whereas risk management, culture and oversight, also governance risks, drove the entity's subsequent downgrade.
First-Quarter Lookback
During the first quarter, S&P Global Ratings published its outlook for U.S. municipal utilities. Our view on the sector is stable, supported by proven cost recovery, substantial financial cushion, and prudent planning. Rising costs will likely compound rate pressures, especially as American Rescue Plan Act (APRA) funds are depleted and disposable personal income shrinks. For more information, see "U.S. Water Utilities 2024 Outlook: Managers Navigate Rising Risks From A Position Of Strength," published Jan. 18, 2024, on RatingsDirect.
Common features of our 'AAA' rated utilities include above-average median household effective buying incomes, superior operational and financial management policies, and larger economies of scale. A high proportion of our 'AAA' rated utilities are in states with higher climate-related risks, but we believe this risk is offset by strong management policies and practices. For more information, see "'AAA' Rated U.S. Water/Sewer/Drainage Utilities: Current List," published Feb. 13, 2024.
During the first quarter, S&P Global Ratings identified an analytical error related to our economic fundamentals assessment of municipal water, sewer, and solid-waste utilities. Following an initial review of the approximately 1,900 ratings affected by this error, we have determined that we could change the rating or revise the outlook on approximately 2% based on our resolution of the error and the utility's current credit fundamentals, which were a leading factor in our placement of ratings on CreditWatch this quarter. For more information, see "Error In Our Economic Fundamentals Assessment Triggers Review Of Public Municipal Utility Sector Ratings," published Feb. 23, 2024.
Lastly, various U.S. utility ratings were placed on CreditWatch Negative due to their failure to provide fiscal 2022 financial statements, which we consider necessary to maintain and assess our ratings on these issuers. For more information, see "Various U.S. Local Government, Public Power, Utility, And Transportation Ratings Placed On CreditWatch Negative," published March 6, 2024.
Table 2
U.S. Municipal Water And Sewer Utilities Rating Actions, Summary First Quarter 2024 | |||||||
---|---|---|---|---|---|---|---|
Entity | State | Rating to | Rating from | Outlook to | Outlook from | CreditWatch to | Reason for rating |
Saraland Board Water & Sewer Commissioners | Al | A+ | A+ | NM | Stable | Negative | Lack of timely information |
Midland | TX | AA- | AA- | NM | Stable | Negative | Lack of timely information |
Alexandria | IN | BB+ | BBB+ | Stable | Stable | Downgrade reflects our view on debt service coverage below sufficiency and low liquidity | |
Butler Area Sewer Authority | PA | A | A | Developing | Stable | Outlook revision reflects our view on the uncertainty regarding proposed acquisition of the wastewater system by a private operator | |
Atlantic | IA | A | A | NM | Stable | Negative | GCP analytical error |
Sanger | CA | A | A | NM | Stable | Negative | Lack of timely information |
Jackson | MS | BB- | BB- | NM | Stable | Negative | Placed on CreditWatch Negative due to info quality concerns coupled with financial deterioration |
Greene County Water and Sewer Authority | AL | BBB+ | BBB+ | NM | Stable | Negative | GCP analytical error |
Caryville & Jacksboro | TN | A | A | NM | Stable | Negative | GCP analytical error |
Farmington Village Corporation | ME | A- | A- | NM | Stable | Negative | Lack of timely information |
Centennial Water & Sanitation District | CO | AAA | AAA | Negative | Stable | Outlook revision reflects our view on the recent decrease in debt service coverage metrics | |
Randall Community Water District | SD | A | A | NM | Negative | Negative | GCP analytical error |
Iowa Falls | IA | A+ | A+ | NM | Stable | Negative | GCP analytical error |
University Area Joint Authority | PA | A- | A | Stable | Stable | Downgrade reflects our view on the insufficient coverage resulting in a debt service reserve draw | |
Eastern Municipal Water District | CA | AAA | AA+ | Stable | Positive | Upgrade reflects our view on the exceptional financial metrics and strong management practices | |
Amarillo | TX | AA | AA+ | Stable | Stable | Downgrade reflects our view of the increased debt burden with the series 2024 bonds reducing the utility's operating flexibility, coupled with low nominal liquidity for the rating level | |
Jackson County Utility Authority | MS | BBB+ | BBB+ | NM | Stable | Negative | Lack of timely information |
Santa Maria | CA | AA- | AA- | NM | Stable | Negative | Lack of timely information |
Thomasville Waterworks & Sewer Board | AL | BBB | BBB | Stable | Negative | Outlook revision reflects our view on the expectation for financial profile to improve as the board has acquired a new wholesale customer, passed a rate increase, and received significant grants to complete system upgrades. | |
Hale County Water Authority | AL | A | A | NM | Stable | Negative | GCP analytical error |
Baltimore Mayor & City Council | MD | A+ | A+ | Stable | Negative | NM | Outlook revision reflects our view of the city's recently completed projects, which improve the overall health and safety of the region's water supply and lower the city's potential liabilities |
West Autauga Water Authority | AL | A | A | NM | Stable | Negative | Lack of timely information |
Pasadena | CA | AAA | AA+ | Stable | Positive | Upgrade reflects our view on the strengths in operational management related to water supply and a comprehensive rate structure | |
Mid Cameron Authority | PA | BBB+ | BBB+ | NM | Stable | Negative | Lack of timely information |
Vallejo Flood and Wastewater District | CA | AA | AA- | Stable | Stable | Upgrade reflects our view on the comprehensive long-term planning supporting strengthened financial metrics | |
Iowa Falls | IA | A+ | A+ | NM | Stable | Negative | GCP analytical error |
Wyoming | MI | AA- | NR | Stable | NR | NM | New rating |
Lapel Town | IN | A- | A- | NM | Stable | Negative | GCP analytical error |
Odessa | TX | AA- | AA- | NM | Stable | Negative | Lack of timely information |
Marshall County | TN | A- | Stable | New rating | |||
Upper Bear Creek Water Sewer & Fire Protection District | AL | A+ | A+ | NM | Negative | Negative | Lack of timely information |
Eastman | GA | BBB- | BBB | Stable | Negative | Downgrade reflects our view on the limited economy coupled with lack of comprehensive planning leading to continued uncertainty for future financial metrics | |
La Crosse | WI | A+ | Stable | New rating | |||
Livingston | CA | A- | A- | NM | Stable | Negative | Lack of timely information |
Crystal Clear Special Utility District | TX | A | Stable | New rating | |||
Trinity River Auth | TX | AA- | Stable | New rating | |||
Humboldt Community Services District | CA | A- | A- | NM | Stable | Negative | Lack of timely information |
The Water Works and Sewer Board of the Town of Sardis City | AL | A | A | NM | Stable | Negative | GCP analytical error |
Cartersville | GA | AA- | AA- | Stable | Positive | Outlook revision reflects our view on the potential financial pressures due to plans for additional debt for system expansions | |
Moses Lake | WA | AA- | AA- | NM | Stable | Negative | Lack of timely information |
Montecito Sanitary District | CA | AA+ | AA+ | NM | Stable | Negative | Lack of timely information |
Dallas Area Municipal Authority | PA | A | A | NM | Stable | Negative | Lack of timely information |
Oakman Water Works Board | AL | A- | A- | NM | Stable | Negative | GCP analytical error |
South Davis Sewer District | UT | BBB+ | A | NM | Stable | Developing | Downgrade reflects our view on the continued financial deterioration and underperformance in capital projects |
Lebanon | IN | AA- | Stable | New rating | |||
Wheeling | WV | A | A | NM | Stable | Negative | GCP analytical error |
Manteca | CA | AA- | AA- | Stable | NM | Received timely financial information | |
Cumberland Mountain Water & Fire Protection Authority | AL | A | A | NM | Negative | Negative | GCP analytical error |
Lehigh County Authority | PA | A+ | A | Stable | Stable | Upgrade reflects our view on the improving financial profile supported by healthy rate increases | |
Silver City Town | NM | BBB+ | BBB+ | NM | Stable | Negative | GCP analytical error |
Maryville | MO | A+ | A+ | NM | Stable | Negative | GCP analytical error |
Spanish Fork City | UT | AA- | A+ | Stable | Stable | Upgrade reflects our view on the improved financial position supported by healthy rate plans | |
Auburn | IN | A+ | A+ | NM | Stable | Negative | GCP analytical error |
Grand Junction | CO | AA- | NR | Stable | NR | New rating | |
Village of Cassopolis | MI | BBB | A- | Stable | Stable | Downgrade reflects our view on the weakening liquidity and economic metrics | |
South Middleton Township Municipal Authority | PA | AA- | AA- | NM | Stable | Negative | Lack of timely information |
Washington | IN | BBB+ | BBB+ | NM | Stable | Negative | GCP analytical error |
Hollister | CA | AA- | AA- | NM | Stable | Negative | Lack of timely information |
The Water Works Board of the City of Arab | AL | A+ | A+ | NM | Stable | Negative | GCP analytical error |
Mountlake Terrace | WA | AA- | AA- | NM | Stable | Negative | Lack of timely information |
German Township Sewer Authority | PA | BBB- | BBB- | NM | Stable | Negative | Lack of timely information |
Easton Area Joint Sewer Authority | PA | A | A | NM | Stable | Negative | Lack of timely information |
Fallbrook Public Utility District | CA | AA- | Stable | New rating | |||
Albuquerque Metropolitan Arroyo Flood Control Authority | NM | AAA | AAA | NM | Stable | Negative | GCP Analytical error |
City of Weatherford | TX | A+ | A+ | Positive | Stable | Outlook revision reflects our view on the improving debt service coverage metrics | |
Columbus | NE | AA | AA | NM | Stable | Negative | GCP analytical error |
Marbury Water System | AL | A+ | A+ | NM | Stable | Negative | Lack of timely information |
Daphne Utilities Board | AL | AA+ | AA+ | NM | Stable | Negative | GCP analytical error |
City of Bastrop | LA | A | A | NM | Stable | Negative | Lack of timely information |
Memphis | TN | AA | AA+ | Stable | Stable | Downgrade reflects our view on the rising debt service coupled with a planned draw on liquidity | |
Huntington Municipal Water Utility | IN | A+ | A+ | NM | Stable | Negative | Lack of timely information |
Talladega | AL | A | A | NM | Stable | Negative | Lack of timely information |
King County Water District #111 | WA | AA- | AA- | NM | Stable | Negative | Lack of timely information |
Enumclaw | WA | AA- | AA- | NM | Stable | Negative | Lack of timely information |
Butts County, City of Flovilla, City of Jackson, and City of Jenkinsburg Water and Sewer Authority | GA | A+ | A+ | NM | Stable | Negative | Lack of timely information |
North Bend | WA | AA- | AA- | NM | Stable | Negative | Lack of timely information |
Telluride Town | CO | BBB+ | BBB- | Stable | Stable | Upgrade reflects our view on the strengthening liquidity metrics | |
Tyler | TX | AA+ | AA+ | NM | Stable | Negative | GCP analytical error |
Livingston | TX | A+ | A+ | NM | Stable | Negative | GCP analytical error |
Anchorage | AK | AA | AA | NM | Stable | Negative | Lack of timely information |
Snake River Water District | CO | A | Stable | New rating | |||
Dillon | MT | A+ | A+ | NM | Stable | Negative | Lack of timely information |
Imperial | CA | A | A | NM | Stable | Negative | Lack of timely information |
Phenix City | AL | BBB+ | BBB+ | NM | Stable | Negative | Lack of timely information |
Stucker Fork Conservancy District | IN | A | A | NM | Stable | Negative | GCP analytical error |
Portage | WI | A+ | A+ | NM | Stable | Negative | GCP analytical error |
East Bethlehem Township Municipal Authority | PA | BBB+ | BBB+ | NM | Stable | Negative | Lack of timely information |
Kenner | LA | A- | A- | Stable | Negative | Outlook revision reflects our view on the ongoing financial support from the city's general operations stabilizing the utility's operations | |
Washington | IN | A- | A- | NM | Stable | Negative | GCP analytical error |
Imperial | CA | A | A | NM | Stable | Negative | Lack of timely information |
Seymour | IN | A+ | A+ | NM | Stable | Negative | GCP analytical error |
Dale County Water Authority | AL | A+ | A+ | NM | Stable | Negative | GCP analytical error |
Martin County | FL | AA+ | AA | Stable | Stable | Upgrade reflects our view on the strengthening economic metrics coupled with exceptionally strong debt service coverage and liquidity levels | |
St. Mary Parish Consolidated Gravity Drainage District No. 2 | LA | A | A | NM | Stable | Negative | GCP analytical error |
Davis | CA | A+ | A+ | NM | Stable | Negative | Lack of timely information |
Lake Whatcom Water and Sewer District | WA | AA- | AA- | NM | Stable | Negative | Lack of timely information |
Terrebonne Parish Consolidated Waterworks District No. 1 | LA | AA- | AA- | NM | Stable | Negative | GCP analytical error |
Stonegate Village Metropolitan District | CO | A- | A- | Stable | Negative | Outlook revision reflects our view on the stabilizing financial performance with increasing liquidity | |
Asheville | NC | AA+ | AA+ | Stable | Positive | Outlook revision reflects our view on the relatively weak service area economy and potential rate flexibility pressures given the city's rate plans | |
Olney | TX | A- | A- | NM | Stable | Negative | Lack of timely information |
Buffalo Municipal Water Finance Authority | NY | A+ | A+ | NM | Stable | Negative | GCP analytical error |
Childersburg Alabama WaterWorks Sewer & Gas Board | AL | BBB+ | A- | Stable | Stable | Downgrade reflects our view on the significant decline in debt service coverage and liquidity coupled with volatility from natural gas revenues and a shallow economy | |
Antigo | WI | A+ | A+ | NM | Stable | Negative | GCP analytical error |
Frankfort | KY | A+ | AA- | Stable | Negative | Outlook revision reflects our view on the decline in liquidity coupled with significant additional debt which could pressure the financial profile | |
Cedartown | GA | A | A | NM | Stable | Negative | Lack of timely information |
Aiken | SC | AA- | Stable | New rating | |||
Baltimore Mayor & City Council | MD | A+ | AA- | Stable | Stable | NM | Downgrade reflects our view on the deteriorating financial performance, including the depletion of its rate stabilization funds with no plans for replenishment coupled with ongoing operational risks due to aging infrastructure |
King County Water District No. 90 | WA | AA- | AA- | NM | Stable | Negative | Lack of timely information |
Greenfield | IN | A+ | AA- | Stable | Stable | Downgrade reflects our view on the ongoing operational concerns coupled with limited managerial policies and practices | |
Portage | WI | A+ | A+ | NM | Stable | Negative | GCP analytical error |
New Albany | IN | A+ | A+ | NM | Stable | Negative | GCP analytical error |
Brevard County | FL | AA+ | AA | Stable | Stable | Upgrade reflects our view on the strong financial metrics supported by rate adjustments |
Table 3
U.S. Municipal Water And Sewer Utilities Maintained Ratings, Summary First Quarter 2024 | |||
---|---|---|---|
Entity | State | Rating | Outlook |
El Centro | CA | A+ | Stable |
Canton | TX | A | Stable |
Indian Wells Valley Water District | CA | A+ | Stable |
Crystal Clear Special Utility District | TX | A | Stable |
Prince William County | VA | AAA | Stable |
Chino Hills | CA | AA+ | Stable |
Trinity River Authority | TX | AAA | Stable |
California Infrastructure & Economic Development Bank | CA | AAA | Stable |
Wisconsin (State of) | WI | AAA | Stable |
Vermont Bond Bank | VT | AA+ | Stable |
San Antonio | TX | AA+ | Stable |
Manassas | VA | AAA | Stable |
Huntsville | TX | AA- | Stable |
Berkeley County | SC | AA+ | Stable |
Tahoe-Truckee Sanitation Agency | CA | AA | Stable |
Fairfax County | VA | AAA | Stable |
Norco | CA | AA+ | Stable |
Beaverton | OR | AA+ | Stable |
Henry County Water Company | MO | A- | Stable |
North Davis Sewer District | UT | AA+ | Stable |
El Paso | TX | AA+ | Stable |
Chino | CA | AA+ | Stable |
Post Falls | ID | AA | Stable |
Honolulu Board of Water Supply | HI | AAA | Stable |
JEA | FL | AA+ | Stable |
South Central Connecticut Regional Water Authority | CT | AA- | Stable |
Bloomington | IN | A+ | Stable |
Pajaro Valley Water Management Agency | CA | A | Stable |
Palmdale Water District | CA | A | Stable |
Tulsa Metropolitan Utility Authority | OK | AA+ | Stable |
New York City Municipal Water Finance Authority | NY | AAA | Stable |
Guam Waterworks Authority | GUAM | A- | Negative |
California State Water Resources Control Board | CA | AAA | Stable |
New York State Environmental Facilities Corporation | NY | AAA | Stable |
Washington Suburban Sanitary District | MD | AAA | Stable |
Rock Hill | SC | A+ | Stable |
Cumberland Utility District | TN | AA- | Stable |
Board of Water and Sewer Commissioners of the City of Boaz | AL | BBB+ | Stable |
Keokuk Municipal Water Works | IA | BBB+ | Stable |
Cleveland-Cuyahoga County Port Authority | OH | A- | Stable |
City of Chicago | IL | A+ | Stable |
Cleveland | OH | A+ | Stable |
Santa Ana River Water Company | CA | AA+ | Stable |
Oklahoma Water Resources Board | OK | AAA | Stable |
Norwalk | CA | AA- | Stable |
Rural Water Financing Agency | KY | AA- | Stable |
Valparaiso | IN | A+ | Stable |
Leesburg | FL | AA- | Stable |
East Bay Municipal Utility District | CA | AAA | Stable |
Columbus-Franklin County Finance Authority | OH | A- | Stable |
Manassas Park | VA | AAA | Stable |
Pennichuck Water Works, Inc. | NH | A | Stable |
Cash Special Utility District | TX | A | Stable |
Garden City | GA | A+ | Stable |
Sammamish Plateau Water | WA | AAA | Stable |
DeKalb County Public Water Supply District No. 1 | MO | A | Stable |
Irvine Ranch Water District | CA | AAA | Stable |
Boston Water & Sewer Commission | MA | AAA | Stable |
Dunedin | FL | AA | Stable |
Monona | WI | A+ | Stable |
Jurupa Community Services District | CA | AA+ | Stable |
Kentucky Bond Corporation | KY | AA- | Stable |
Orange County Sanitation District | CA | AAA | Stable |
Cleveland | OH | AA+ | Stable |
New Albany | IN | A+ | Stable |
Lake Cities Municipal Utility Authority | TX | AA- | Stable |
This report does not constitute a rating action.
Primary Credit Analyst: | Mallie Lange, Austin +1 2147655861; Mallie.Lange@spglobal.com |
Secondary Contact: | Jenny Poree, San Francisco + 1 (415) 371 5044; jenny.poree@spglobal.com |
Research Assistant: | Dainik Sanghvi, Pune |
No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.