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Baltimore Mayor and City Council, Maryland; Water/Sewer Apr 09
Standard & Poors, April 2009
Abstract
Standard & Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to Baltimore Mayor and City Council, Md.'s series 2009C senior-lien waste water projects revenue bonds. We also affirmed the 'AA' underlying rating (SPUR) on senior-lien bonds and the 'AA-' SPUR on the subordinate-lien bonds outstanding. In our opinion, the ratings reflect: The strength and continued expansion of the large regional utility system that provides sewer service to the deep and diverse Baltimore metropolitan statistical area (MSA); Historically strong debt service coverage (DSC); Strong liquidity level; Demonstrated willingness to increase user rates as necessary to support operations and capital project cost requirements; Solid estimated senior-lien DSC and liquidity levels; Adequate wastewater treatment capacity; and Standard legal provisions reflected...
Companies mentioned in this report are: Baltimore Mayor & City Council
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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