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Birmingham Waterworks Board, Alabama; Water/Sewer May 11
Standard & Poors, May 2011
Abstract
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating, and stable outlook, to Birmingham Waterworks Board, Ala.'s series 2011 water revenue bonds and affirmed its 'AA-' long-term rating and underlying rating (SPUR), with a stable outlook, on the board's existing senior-lien water and sewer revenue bonds. Standard & Poor's also affirmed its 'A+' long-term rating and SPUR, with a stable outlook, on the board's subordinate-lien revenue debt. We rate the subordinate-lien water revenue bonds one notch below the senior-lien water revenue bonds due to the significant difference in overall coverage between the two liens. Management is projecting the senior-lien bonds will have coverage in fiscal 2010 of 2.1x and coverage of total debt, including subordinate-lien debt, of just 1.1x....
Companies mentioned in this report are: Birmingham Wtrwks Brd
Action: New Rating
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.
Research Type: Full Analysis
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