Bangkok--23 Jan--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating to West Sound Utility District No. 1, Wash.'s series 2009 water and sewer improvement and refunding revenue bonds. The outlook is stable.
"Our credit opinion reflects the district's primarily residential service area that participates in the Seattle regional economy and a good liquidity cushion," said Standard & Poor's credit analyst Chris Morgan. "The rating is further supported by the district's record of strong debt service coverage and its limited capital needs."
Bond proceeds will refund the district's outstanding series 1998 sewer revenue bonds and fund the construction and installation of a new water well, reclaimed water infrastructure, and transmission infrastructure.
The district serves about 19,000 residents in an area located just outside of the City of Port Orchard and eight miles south of the City of Bremerton, the site of a major naval installation. Its waste and sewer utilities, which serve 7,631 and 4,606 customers, respectively, were formally joined in 2008 after a public vote. We understand that economic activity primarily consists of income from commuters, with most residents working in the Bremerton area and other regional employment centers, such as downtown Seattle, which is accessible by ferry 20 miles to the east.
Complete ratings information is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating.
Media Contact:
Edward Sweeney, New York (1) 212-438-6643,
[email protected]
Analyst Contacts:
Chris Morgan, San Francisco (1) 415-371-5032
Lisa Schroeer, San Francisco (1) 415-371-5006
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]