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Durham, NC's Wtr & Swr Util Sys Revs Rtd `AA' by S&P
Standard & Poors, June 1998
NY -- Standard & Poor's CreditWire 6/11/98 - Standard & Poor's today assigned its double-`A' rating to Durham, N.C.'s water and sewer utility system revenue bonds series 1998 dated June 15, 1998 due June 1, 2018. The bonds are expected to sell June 17, 1998. Standard & Poor's affirmed its double-`A' rating on the city's outstanding water and sewer revenue bonds series 1994. The rating on Durham's water and sewer revenue bonds reflects the following strengths: -- Strong debt service coverage of 4 times (x) even after sharp declines since 1994; -- Robust cash reserves, a portion of which will be used to fund future capital needs; and -- A strong, rapidly growing service area that includes Research Triangle Park....
Companies mentioned in this report are: Durham
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: News
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