Bangkok--6 May--Standard & Poor's
Standard & Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) to 'AAA' from 'AA+' on East Bay Municipal Utility District (Special District No. 1), Calif.'s wastewater system general obligation (GO) refunding bonds
"The rating action reflects our view of the district's highly diverse and resilient tax base, which serves as the source of property tax revenue for bond repayment," said Standard & Poor's credit analyst Gabriel Petek.
The ratings further reflect our view of the district's:
High debt burden offset by strong coverage of revenue and GO debt service from net wastewater system revenues,
Excellent operating financial liquidity, and
Well-managed capital improvement program.
The East Bay Municipal Utility District encompasses the cities of Oakland and Berkeley and four smaller cities with a combined 2009 population estimated at 650,000 within its 88-square-mile service area. In our view, the regional economy is very diverse, located just across the San Francisco Bay from San Francisco.
The stable outlook reflects our view of the very deep economic and tax base upon which the property taxes are levied for bond repayment.
RELATED CRITERIA AND RESEARCH
USPF Criteria: GO Debt, Oct. 12, 2006
Complete ratings information is available to RatingsDirect on the Global Credit Portal subscribers at www.globalcreditportal.com and 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. Use the Ratings search box located in the left column.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095,
[email protected]
Analyst Contacts:
Gabriel Petek, CFA, San Francisco (1) 415-371-5042
Lisa Schroeer, Charlottesville (1) 434-220-0892
Key Contacts:
Americas Media Relations: (1) 212-438-6667
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[email protected]
Americas Customer Service: (1) 212-438-7280
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