Standard & Poor's Ratings Services assigned its 'AA-' rating and stable outlook to The Waterworks Board of the City of Birmingham, Ala.'s water revenue bonds series 2010A & B. Standard & Poor's also affirmed its 'AA-' long-term rating and 'AA-' underlying rating (SPUR) on the board's senior lien water and sewer revenue bonds outstanding. We also affirmed our 'A+' SPUR rating on the board's existing subordinate revenue debt. Bond proceeds will be used to refund outstanding parity debt. The subordinate water revenue bonds are rated one notch below the parity water revenue bonds (senior lien) due to the significant difference in overall coverage between the two liens. Management projects that the senior bonds will have coverage in fiscal 2010 of...
Companies mentioned in this report are:
- Birmingham Wtrwks Brd
Action: New Rating
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