Bangkok--27 Mar--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA+' long-term rating to Arvada, Colo.'s water enterprise revenue refunding bonds, series 2009. The outlook is stable.
"The rating reflects an ample water supply, given the city's current customer growth, competitive rates, and management's demonstrated willingness to raise rates when needed," said Standard & Poor's credit analyst Li Yang. "The rating is further supported by a growing customer base that participates in the large and diverse Denver regional economy and has what we consider strong income levels."
Bond proceeds will be used to refund the city's outstanding 2001 variable rate water revenue bonds.
Arvada ('AA' issuer credit rating) is located in Jefferson County, roughly 8 miles northwest of the City of Denver. The city's water system serves approximately 35,000 customers with residents accounting for roughly 95% of the total customer base. City residents are able to commute throughout the region for employment.
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:
Li H Yang, San Francisco (1) 415-371-5024
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
[email protected]