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Birmingham Waterworks And Sewer Board, Alabama; Water/Sewer Apr 09
Standard & Poors, April 2009
Abstract
Standard & Poor's Ratings Services assigned its a 'AA-' long-term rating, and stable outlook, to Birmingham Waterworks and Sewer Board, Ala.'s water revenue bonds series 2009-A and 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 Birmingham; Good debt service coverage (DSC); and Regionally competitive water rates...
Companies mentioned in this report are: Birmingham Wtrwks Brd
Action: New Rating
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: Full Analysis
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