Summary: Lycoming County Water & Sewer Authority, Pennsylvania Lycoming County; General Obligation May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services assigned its 'A+' long-term rating and stable outlook to Lycoming County Water & Sewer Authority, Pa.'s series 2011 guaranteed sewer revenue bonds, reflecting Lycoming County's guarantee. Standard & Poor's also affirmed its 'A+' long-term rating and underlying rating (SPUR), with a stable outlook, on the authority's parity debt and the county's general obligation (GO) debt. The rating reflects our opinion of the county's: Stable property tax base, which should grow over the next few years driven by the attraction of the Marcellus Shale, on which the county sits; Continued strong financial position; and Moderate debt burden. We believe offsetting factors are the county's: Limited local economic base, and Adequate wealth and income levels. Sewer revenues...

Companies mentioned in this report are:
- Lycoming Cnty
- Lycoming Cnty Recre Auth
- Lycoming Cnty Wtr & Swr Auth

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.

- Lycoming Cnty
- Lycoming Cnty Recre Auth
- Lycoming Cnty Wtr & Swr Auth

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