El Paso, Texas; Utility, Water/Sewer Feb 06

  • ID: 1824330
  • February 2006
  • Region: Texas
  • Standard & Poors
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Standard & Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to El Paso, Texas' series 2006 water and sewer revenue refunding bonds. The rating reflects the system's: Stable area economy, Continuous customer base growth, Strong historical and projected debt service coverage (DSC), and Competitive rates despite recent increases. A large five-year, $577 million capital improvement program (CIP) -- which city officials plan to fund from a combination of debt issuance, cash on hand, and other revenues -- precludes a higher rating. A pledge of net system revenues secures the bonds. Management will use bond proceeds to refund a portion of the city's water and sewer CP notes and revenue bonds outstanding. The system provides water and sewer services...

Companies mentioned in this report are:
- El Paso

Action: New Rating

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El Paso

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