Summary: Pickens County Water Authority, Alabama; Water/Sewer

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services assigned its 'A' rating, and stable outlook, to Pickens County Water Authority, Ala.'s series 2011 water revenue bonds. At the same time, Standard & Poor's withdrew its rating on the authority's series 2010 bonds because the authority did not choose to sell the bonds. The rating reflects our assessment of the authority's: Good liquidity; and Good debt service coverage (DSC), coupled with the recent implementation of, what we consider, a significant utility rate adjustment that we believe will likely preserve sufficient DSC. We believe these credit strengths are offset, in part, by the authority's: Weak economic indicators, evidenced by, what we consider, Pickens County's low income levels and above-average unemployment; and Above-average water rates that...

Companies mentioned in this report are: Pickens Cnty Wtr Auth
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

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.

Pickens Cnty Wtr Auth

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