Summary: Lakeland, Florida; Water/Sewer Dec 11

  • ID: 2032356
  • December 2011
  • Region: Florida
  • Standard & Poors
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Standard & Poor's Ratings Services has assigned its 'AA-' rating to Lakeland, Fla.'s water and wastewater revenue and refunding bonds series 2011A and 2011B. At the same time, Standard & Poor's affirmed its 'AA-' rating on Lakeland's parity debt. The outlook is stable. As of Sept. 30, 2011, the city had $47.7 million of revenue bonds outstanding for the utilities. Bond proceeds will refund most of the water and sewer system's debt outstanding; the city will repay the rest Oct. 1, 2012. The ratings reflect our view of the following factors: Strong financial metrics, which include revenue bond debt service coverage (DSC) of more than 3x and available cash that increased in fiscal 2010 to about 175 days of operating...

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

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