Cullman Utilities Board, Ala.'s Bonds Rated 'A-'
- ID: 1714527
- August 2000
- Standard & Poors
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Research type: News
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NEW YORK (Standard & Poor's CreditWire) Aug. 18, 2000-- Standard & Poor's today assigned its single-'A'-minus rating to Cullman Utilities Board, Ala.'s $46.9 million water revenue bonds (Duck River project) series 2000 due Sept. 1, 2028. The outlook is stable. The bonds are secured by a net revenue pledge of the water supply system of the Utilities Board of the City of Cullman. The rating reflects an agreement wherein the city, as sole customer of the board, purchases its entire water requirements from the board on a take-or-pay basis for both its retail and wholesale customers. Under the contract, the city's payments to the board include amounts sufficient to meet monthly operating expenses (based on current expenses) and pay debt...
Companies mentioned in this report are: Cullman Utils Brd
Action: New Rating