Another bond rating agency, Standard & Poor's, recently upgraded the city's bond rating to AA from A1. Over the past few years, Fibrant has borrowed $7.6 million from the city's water and sewer enterprise. That has resulted in a narrowed but still acceptable cash position for the water and sewer fund, Moody's said. The agency said the city reports no plans for principal repayment and does not include repayment in its pro-forma calculations. The rating downgrade also considers the quality of the receivable owed to the combined enterprise by Fibrant. Additionally, the rating incorporates Salisbury's stable service area with ample system capacity and a manageable debt profile. The downgrade to A3 primarily incorporates the city's outsized enterprise risk associated with Fibrant, with considerable operating pressure should Fibrant continue to underperform, Moody's said.