Summary: Liberty, Missouri; Water/Sewer Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Rating Services has lowered its rating to 'A' from 'A+' on Liberty, Mo.'s 2005 sewer revenue-supported debt. The outlook is stable. The downgrade reflects our view of the utility's recently declined financial position, leading to the city using cash to cover shortfalls in net available revenue. The rating also reflects Liberty's: Participation in the Kansas City, Mo. economic base; Adequate liquidity position despite recent usage of cash to cover operations; Rate-raising ability, which enables the city to address cost-of-service increases from it sewer treatment provider and the ability improve its recently weakened financial position but has led to a currently high rate structure; and Limited capital needs. We believe the utility receiving transfers from outside funds to...

Companies mentioned in this report are: Liberty
Action: Downgraded
Action: Outlook: Stable

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Liberty

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