City of Norfolk, NE Combined Utility Enterprise (Aa3) has a relatively small, but solid service area that includes the City of Norfolk (Aa3) in northeast Nebraska (Aa2 stable), somewhat below-average resident incomes levels, strong debt service coverage and unlimited rate-setting authority. While days cash on hand is robust and will remain strong, it will likely decrease because the utility plans to cash finance certain capital projects. The bonds benefit from solid structural features such as a 1.25x rate covenant and additional bonds test. The bonds do not benefit from a debt service reserve fund, however.