Bangkok--7 Sep--Standard & Poor's
Standard & Poor's Ratings Services raised its long-term and underlying rating (SPUR) to 'AA+' from 'AA-' on Cascade Water Alliance, Wash.'s series 2006 water system revenue bonds. At the same time, Standard & Poor's assigned its 'AA+' long-term rating to the alliance's series 2009A tax exempt water system revenue bonds and series 2009B taxable water system revenue bonds (Build America Bonds). The outlook is stable.
"The raised rating is based on the raised ratings of several alliance members to 'AAA/Stable' and the system's historically good financial performance," said Standard & Poor's credit analyst Misty Newland. "The rating is further supported by the alliance's strong liquidity as well as the strength and stability of its service area, which encompasses areas within the King County economic base."
Bond proceeds will be used to finance the acquisition of Lake Tapps from Puget Sound Energy, pay the cost of a tribal settlement related to the purchase of Lake Tapps, and various other projects.
Cascade Water Alliance was formed in April 1999 to provide wholesale water supply to meet the current and future water supply needs of its members, all of which own independent water systems. Current members include the cities of Bellevue, Issaquah, Kirkland, Redmond and Tukwila, Covington Water District, Sammamish Plateau Water and Sewer District, and Skyway Water and Sewer District. These members serve more than 300,000 residents and about 177,000 residential equivalent units. Cascade members either have no independent water supply or limited independent water supply to serve the needs of their customers and rely upon a variety of water supply sources. Cascade's current service area includes the non-contiguous water service areas of its eight current members, all of which are located in King County.
RELATED RESEARCH
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:
Misty Newland, San Francisco (1) 415-371-5073
Bryan A Moore, San Francisco (1) 415-371-5077
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]