Bangkok--17 Mar--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating to Springfield, Ore.'s series 2009 sewer bonds. The outlook is stable.
"The rating reflects our opinion of the city's strong finances and strong liquidity," said Standard & Poor's credit analyst Lisa Schroeer. "Further supporting the rating is the city's stable economic base, which when combined with its neighboring City of Eugene, comprise Oregon's second-largest metropolitan area."
The city is using the bonds to rehabilitate existing wastewater piping among other projects. Given the city's history, it is our expectation that rate increases will be implemented as necessary. Additional debt may be necessary in the medium term for the storm water system, the amount of which is not yet know.
Located about 110 miles south of Portland, Ore., Springfield provides sanitary and storm sewer collection services to about 18,000 customers. A regional plant operated by Lane County Metropolitan Wastewater Service District, a joint powers authority between Springfield and Eugene, provides treatment. The wasterwater plant is undergoing a capital plan of its own to address capacity issues and some wet weather overflow concerns. Customers pay a separate rate to the treatment district and will have rate increases from the wastewater treatment system during the next several years.
Complete ratings information is available to RatingsDirect subscribers 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:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Lisa Schroeer, San Francisco (1) 415-371-5006
Chris Morgan, San Francisco (1) 415-371-5032
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]