Summary: El Paso, Texas; Water/Sewer Jan 08
Standard & Poors, January 2008
Abstract
Standard & Poor's Ratings Services assigned its 'AA' standard long-term rating, and stable outlook, to El Paso, Texas' series 2008 water and sewer revenue refunding bonds and affirmed its 'AA' standard long-term rating and Standard & Poor's underlying rating (SPUR), with a stable outlook, on the city's parity debt. The ratings reflect the system's: Deep and stable area economy, Continuous customer base growth, Strong historical and projected debt service coverage (DSC), and Competitive rates despite recent increases. Factors precluding a higher rating include: The service area's below-average wealth and income levels; and The system's large five-year, $634 million capital improvement program (CIP), which city officials plan to fund from a combination of debt issuance, cash on hand, and other revenues....
Companies mentioned in this report are:
- El Paso
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
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El Paso
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