Summary: Liberty, Missouri; Water/Sewer Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Rating Services assigned its 'A' rating to Liberty, Mo.'s 2011 Waterworks Refunding bonds. The outlook is stable. The rating reflects our view of the following factors: Participation in the Kansas City, Mo. economic base; Adequate liquidity position with an improved annual debt service following recent rate increases; and Limited capital needs. In our view, the utility's receipt of transfers from outside funds to support operations and capital needs in recent years offsets these strengths somewhat. Bond proceeds will refund the utility's 2002 and 2005 issues, mostly for interest cost savings but also to extend the maturity on the 2002 bonds to 2021 from 2016. The city will maintain a debt service reserve at the standard three-prong test....

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

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Liberty

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