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Summary: El Paso, TX; Utility, Water/Sewer Mar 05

  • ID: 1824522
  • March 2005
  • Standard & Poors
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Standard & Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to El Paso, Texas' series 2005B 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, $651.5 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 its water and sewer revenue bonds outstanding. The system provides water and sewer services to 163,222 water customers and...

Companies mentioned in this report are:
- El Paso

Action: Affirmed
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 READ MORE >

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El Paso

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