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Birmingham Waterworks & Sewer Board, AL Bonds Upgraded To 'AA-' On Good Management Nov 08
Standard & Poors, Nov 2008
Abstract
NEW YORK (Standard & Poor's) Nov. 5, 2008--Standard & Poor's Ratings Services raised its underlying rating (SPUR) on Birmingham Waterworks and Sewer Board, Ala.'s existing parity revenue debt to 'AA-' from 'A+'. At the same time, we raised our standard long-term rating, with a stable outlook, on the board's series 2007A subordinate-lien water and sewer revenue bonds to 'A+' from 'A'. Standard & Poor's also assigned its 'AA-' long-term rating, and stable outlook, to the board's series 2008A water and sewer revenue bonds. 'The upgrade reflects management's willingness to increase rates to maintain sound operations, sound overall debt service coverage, adequate funding of capital, and good reserve levels within the adverse rate-raising environment in which it operates,' said Standard &...
Companies mentioned in this report are: Birmingham Wtrwks Brd
Action: New Rating
Action: Outlook: Stable
Action: Upgraded
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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