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

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

  • ID: 1824330
  • February 2006
  • Region: Texas
  • Standard & Poors

Abstract
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

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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