Summary: Baltimore Mayor & City Council, Maryland; Water/Sewer May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services has assigned its 'AA' long-term rating, and stable outlook, to Baltimore Mayor and City Council, Md.'s series 2011A senior-lien revenue bonds (wastewater projects). Standard & Poor's also affirmed its 'AA' underlying rating (SPUR) on the city's senior-lien bonds and its 'AA-' SPUR on the city's subordinate-lien bonds outstanding. The rating reflects what we view as: The strength and continued expansion of the large regional utility system that provides wastewater service to the deep and diverse Baltimore metropolitan statistical area (MSA), Sufficient long-term treatment capacity, Competitive rates and management's demonstrated willingness to increase rates as necessary, and Solid historical and estimated debt service coverage (DSC) and liquidity levels. In our opinion, credit limitations include the system's...

Companies mentioned in this report are: Baltimore Mayor & City Council
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.

Baltimore Mayor & City Council

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