Massachusetts Water Resources Authority; Utility, Water/Sewer Mar 05
Standard & Poors, March 2005
Abstract
The 'AA' rating on Massachusetts Water Resources Authority's series 2005A general revenue refunding bonds is supported by the following credit characteristics: The very strong collection enforcement mechanisms, including the state aid intercept, and beneficial federal court oversight of mandated projects; The authority's strong management, which has generated prudent reserves and solid liquidity over a number of years, including during the recent recession, and while implementing numerous large construction projects; The breadth and depth of an affluent 61-community service area; The fiscally strong Boston Water and Sewer Commission (AA/Stable), which accounts for about 31.9% of the authority's fiscal 2005 rate revenues; and The historical coverage that has ranged from 1.67x-1.91x, before rate stabilization transfers, over the past five years. The continued...
Companies mentioned in this report are:
- Massachusetts Wtr Resources Auth
Action: New Rating
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Research Type: Full Analysis
- Massachusetts Wtr Resources Auth
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