Bangkok--23 Jan--Standard & Poor's
Standard & Poor's Ratings Services raised its underlying rating (SPUR) to 'AA-' from 'A' on Clackamas River Water District, Ore.'s water revenue bonds, series 1999. The outlook is stable.
"The rating action reflects the district's sustained maintenance of what we consider to be a very strong available liquidity position and debt service coverage, coupled with ample supplies and limited medium-term capital needs," said Standard & Poor's credit analyst Chris Morgan. "Further supporting the rating is the district's location in the suburban Portland service area and affordable rates."
Management does not foresee capacity or replacement requirements that would necessitate additional borrowing for the foreseeable future, but indicates that the district may update its capital plan and commission a rate study in fiscal 2010.
Situated approximately 14 miles southeast of downtown Portland, the district serves 13,125 retail customers and a population of about 55,000, and about 130,000 residents including wholesale contracts.
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
Misty Newland, San Francisco (1) 415-371-5073
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
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