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Summary: Joliet, IL; Utility, Water/Sewer Nov 03

  • ID: 2030961
  • November 2003
  • Standard & Poors

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's general creditworthiness. The system's large $96 million capital program, which will result in drawdowns on the system's reserves and add substantially to its debt burden, is an offsetting factor. Joliet's 'AA-' GO debt rating reflects the city's: Participation in the Chicago, Ill. MSA's deep and diverse economy; Expanding and diversifying local economy, which is evidenced by steady tax base growth; Continued good financial performance with significant revenue flexibility and conservative financial management; and Very manageable debt burden with limited future capital needs. Net...

Companies mentioned in this report are: Joliet
Action: New Rating

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