Bangkok--27 Aug--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'A+' rating, with a stable outlook, to Sheridan, Ore.'s series 2010 water revenue refunding bonds.
"The rating reflects our opinion of the utility's moderately growing exurban Portland service area, sufficient production capacity from a local supply source, historically good-to-strong debt service coverage and liquidity levels, and demonstrated willingness to raise rates," said Standard & Poor's credit analyst Chris Morgan.
The net revenues of the water utility secure the bonds.
Proceeds will refund a portion of the city's outstanding series 1998 and 2000 revenue bonds to achieve interest expense savings.
The utility serves the area in and around the 3,658-resident City of Sheridan.
The stable outlook reflects our view that the utility will continue to adjust rates sufficient to maintain at least adequate coverage of fixed charges as its operations absorb the additional payments to the wastewater utility.
RELATED CRITERIA AND 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
Complete ratings information is available to RatingsDirect subscribers on the Global Credit Portal 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:
Chris Morgan, San Francisco (1) 415-371-5032
Jennifer Hansen, San Francisco (1) 415-371-5035