Bangkok--12 Jun--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to Monroe, Wash.'s water and sewer revenue refunding bonds, series 2009.
"The rating is based on our view of the system's affordable rates and limited additional capital needs, which allow the district to maintain a strong financial profile liquidity position," said Standard & Poor's credit analyst Jen Hansen. "Management also has a history of rate increases to partly offset a decrease in new-connection revenue due to a slowing housing market."
The proceeds of the bonds will be used to construct and improve system assets and refund a portion of the city's outstanding water and sewer revenue refunding bonds, series 1999.
Monroe's water and sewer system provides retail service to an approximately 4-square-mile area that encompasses the City of Monroe ('A+/Stable' general obligation rating), located along the Skykomish River about 32 miles northeast of Seattle. In fiscal 2008, there were 5,375 water accounts and 4,006 sewer accounts, an 8.6% and 11.0% increase, respectively, since 2004.
RELATED RESEARCH
"Standard & Poor's Revises Criteria For Rating Water, Sewer, And Drainage Utility Revenue Bonds," Sept. 15, 2008
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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
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]