Bangkok--2 Jun--Standard & Poor's
Standard & Poor's Ratings Services said it raised its underlying rating (SPUR) to 'AA' from 'A+' on Richland, Wash.'s outstanding water and sewer revenue bonds. We also assigned a 'AA' rating to the city's $22.745 million series 2009 water, sewer, and storm water revenue refunding bonds. The outlook is stable.
"The upgrade is based on our view of the city's strong debt service coverage and liquidity position," said Standard & Poor's credit analyst Jennifer Hansen.
The series 2009 bonds are secured by pledged revenues of the waterworks utility, which is comprised of the water, sewer, and storm water systems. The outstanding bonds are secured only by the net revenue of the water and sewer systems.
The utility provides retail service to a 40-square-mile area that encompasses the City of Richland, which is about 200 miles southeast of Seattle, and a small surrounding area.
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:
Jennifer Hansen, San Francisco (1) 415-371-5035
Chris Morgan, San Francisco (1) 415-371-5032