Summary: Massachusetts Water Resources Authority; Insured Liquidity; Letter of Credit; Liquidity Facility; Water/Sewer Feb 08

Standard & Poors, February 2008

Abstract
Standard & Poor's Ratings Services affirmed its 'AA' standard long-term rating, and stable outlook, on Massachusetts Water Resources Authority's outstanding senior-lien general revenue debt and its 'AA-' SPUR, with a stable outlook, on the authority's outstanding subordinate-lien debt. The ratings reflect: The authority's strong management, which has generated a trend of satisfactory reserves and solid liquidity over a multiyear period while, at the same time, successfully implementing numerous large construction projects; The authority's 100% collection rate from member towns, bolstered by an effective statutory collection enforcement mechanism that includes a state aid intercept; The adequate legal provisions, following modifications to the general bond resolution, including a senior-lien debt service coverage (DSC) ratio of 1.2x; The fiscal stability of Boston Water...

Companies mentioned in this report are:
- Massachusetts Wtr Resources Auth

Action: Affirmed
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Massachusetts Wtr Resources Auth

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