Summary: Grass Valley, California; Water/Sewer Jun 11

Standard & Poors, June 2011

Abstract
Standard & Poor's Ratings Services has assigned its 'AA' rating to the City of Grass Valley, Calif.'s pro forma $6.2 million series 2011 wastewater refunding revenue bonds. The outlook is stable. The rating reflects what we believe are the following credit strengths: Historically strong financial metrics, including liquidity and debt service coverage (DSC), which we project will continue; A recent demonstrated willingness to raise rates, which we expect will continue at least through 2013; A very diverse system, with the top 10 customers accounting for 9.6% of revenues and serving a mostly residential base; and Limited capital needs and no additional debt plans. In our opinion, the city's relatively shallow economy provides somewhat mitigating weaknesses, including a median household effective...

Companies mentioned in this report are: Grass Vy
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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Grass Vy

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