Bangkok--15 Jul--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA-' rating to Pullman, Wash.'s water and sewer revenue bonds, series 2009. The outlook is stable.
"The city's population is stable, and its economy supported by the presence of Washington State University and the nearby University of Idaho," said Standard & Poor's credit analyst Jen Hansen. "Moreover, the city's financial position is what we consider to be strong. Cash reserves of $3.8 million as of unaudited 2008 provide what we consider to be a strong 318 days' cash on hand."
Management reports that bond proceeds will be used to pay maintenance and operation costs of the waterworks utility, including the addition of a new well and airport expansion project.
Pullman is a small city in eastern Washington, near the Idaho border. The waterworks utility provides drinking water and wastewater collection and treatment to approximately 4,792 accounts, most of which are residential. Sewer system capacity is 8.6 million gallons per day (mgd), and average use is about 2.9 mgd. With the addition of the new well, water system capacity will be 9.3 mgd, and maximum flow will be about 6.0.
RELATED RESEARCH
USPF Criteria: "Key Water And Sewer Utility Credit Ratio Ranges," Sept.15, 2008
USPF Criteria: "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
Le T Quach, San Francisco (1) 415- 371-5013
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]