Bangkok--19 Jun--Standard & Poor's
Standard & Poor's Ratings Services raised its underlying rating (SPUR) on Santa Cruz County Sanitation District, Calif.'s wastewater revenue refunding bonds to 'AA' from 'A+'. The outlook is stable.
The rating reflects our opinion of the county's strong debt service coverage and cash reserves; mature, diverse customer base consisting primarily of residential users with above-average per capita income levels; and limited additional capital needs.
The bonds are secured by a first lien on net revenues of the district's wastewater system.
"We expect that financial performance will remain strong, aided by a solid customer base, consistent inflationary increases in customer rates, and strong system liquidity," said Standard & Poor's credit analyst Ian Carroll.
The district provides sewer and wastewater treatment for approximately 60,000 residents across 11.5 square miles within the city of Capitola (10,000 population), Aptos, Live Oak, Soquel, and other portions of unincorporated Santa Cruz County.
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:
Ian Carroll, San Francisco (1) 415-371-5060
Matthew Reining, San Francisco (1) 415-371-5044
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]