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130 Municipal Water And Sewer Issuers Are Upgraded After Recent Criteria Revision Nov 08
Standard & Poors, Nov 2008
Abstract
Standard & Poor's Ratings Services has raised the ratings on 130 municipal waterworks, sanitary sewer, and/or drainage utility revenue bonds (see table 1). The rating changes are primarily based on our recent criteria revision (see ?Standard & Poor?s Revises Criteria for Rating Water, Sewer and Drainage Utility Revenue Bonds,? dated Sept. 15, 2008). In all cases, the rating outlook is stable. Generally, in our view, these issuers demonstrate one or more of the following credit characteristics: Strong financial metrics, including debt service coverage and cash reserves; Good economic fundamentals, such that we expect their respective utility system(s) to be able to handle such pressures as housing market vulnerabilities, employment softness, or cost of service inflation; and Solid management, which includes...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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