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Summary: Pickens County Water Authority, Alabama; Water/Sewer
Standard & Poors, May 2011
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: New Rating
Action: Outlook: Stable
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Pickens Cnty Wtr Auth