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Summary: Laredo, Texas; Water/Sewer Nov 11
Standard & Poors, November 2011
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating and stable outlook to Laredo, Texas' series 2011 waterworks and sewer system revenue bonds and affirmed its 'AA-' long-term rating and underlying rating (SPUR), with a stable outlook, on the system's existing revenue debt. Additional rating factors include our opinion of the system's: Growing service area economy; Below-average water and sewer rates despite ongoing increases; Strong debt service coverage (DSC) and liquidity despite the funding of an aggressive, but well-defined, capital improvement plan (CIP); and Relatively high debt load, combined with the likely issuance of additional debt. Officials plan to use series 2011 bond proceeds to finance the expansion and improvement of the city's water and sewer system. A first...
Companies mentioned in this report are:
Action: New Rating
Action: Outlook: Stable
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