Summary: Joliet, IL; Utility, Water/Sewer Mar 04

Standard & Poors, March 2004

Abstract
The 'A+' rating on Joliet, Ill.'s waterworks and sewerage revenue bonds reflects: The service area's diverse and growing local economy; The system's strong financial operations, with strong coverage and a high level of reserves; and The city of Joliet's general creditworthiness. The system's large capital program, which will result in drawdowns on the system's reserves and add to its debt burden, is an offsetting factor. Net revenues of the city's combined waterworks and sewerage system secure the bonds. Joliet ('AA-' GO rating) is located 40 miles southwest of Chicago in Will County ('AA' GO rating) with a small portion of the city in Kendall County. The city's population grew 38% during the 1990s to 106,221 in 2000 due, in good...

Companies mentioned in this report are: Joliet
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Joliet

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