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Birmingham Waterworks and Sewer Board, AL's Water Revenue Bonds And Water Revenue Refunding Bonds Rated 'AA-' Apr 09
Standard & Poors, April 2009
Abstract
NEW YORK (Standard & Poor's) April 2, 2009--Standard & Poor's Ratings Services assigned its a 'AA-' long-term rating, and stable outlook, to Birmingham Waterworks and Sewer Board, Ala.'s $109.34 million water revenue bonds series 2009-A and $48.775 million water revenue refunding bonds series 2009-B. Standard & Poor's also affirmed its underlying rating (SPUR) on the existing parity revenue debt. In addition, we affirmed our 'A+' long-term rating, with a stable outlook, on the board's series 2007A subordinate-lien water and sewer revenue bonds. Bond proceeds will be used to fund capital improvements and to refund portions of the 1998-A bonds. 'The ratings reflect our view of the system's large and diverse regional service area, which includes an extensive area outside of...
Companies mentioned in this report are: Birmingham Wtrwks Brd
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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