Summary: Lansing Board of Water and Light, Michigan; Combined Utility Apr 09

Standard & Poors, April 2009

Abstract
Standard & Poor's Ratings Services has affirmed its 'AA-' long-term rating on Lansing Board of Water and Light (BWL, the utility, or the board), Mich.'s senior lien water supply, steam, and electric utility system revenue bonds. The outlook is stable Factors supporting the ratings include what we believe are BWL's: Strong financial metrics, highlighted by strong coverage of fixed costs and good liquidity, both the product of responsive rate increases mitigating the impact of diminished demand for electric and steam service; Favorable competitive position, which rates well below the state average and the local investor-owned utility highlight. However, as BWL rates rise in the next several years, as it is proposing, this advantage could narrow; and Role as a regional...

Companies mentioned in this report are:
- Lansing Brd of Wtr & Lt

Action: Affirmed
Action: Outlook: Stable

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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.

- Lansing Brd of Wtr & Lt

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