Summary: Upland, CA; Utility, Water/Sewer Dec 05

Standard & Poors, December 2005

Abstract
Standard & Poor's Ratings Services affirmed its 'A' underlying rating (SPUR) on the Upland Public Finance Authority, Calif.'s lease-revenue refunding bonds, reflecting: A modestly growing service area economy, which is located in western San Bernardino County; and Good coverage of annual debt service by net water system revenues. Capital pressure from continuing growth is a mitigating factor. The bonds are secured by lease payments made by the city of Upland to the Upland Public Financing Authority. The lease payments are also secured by net revenues of the city's water system. Upland is a primarily residential community with a population of about 70,500. The city is on the border between Los Angeles and San Bernardino counties, about 50 miles from downtown...

Companies mentioned in this report are: Upland,Upland Pub Fin Auth
Action: Affirmed
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.

Upland,Upland Pub Fin Auth

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