Summary: Blue Grass Airport, KY Series 2009 Bonds Rating Lowered To 'A+/A-1'; Letter of Credit Feb 12
- Language: English
- Published: February 2012
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
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