Standard & Poor's Ratings Services has raised its rating on Ontario, Calif.'s series 2004 water system certificates of participation (COPs), issued on behalf of the water enterprise fund, to 'AA' from 'AA-'. The upgrade reflects our view of the system's consecutive years of strong financial results, with strong coverage and liquidity levels. The rating also reflects our assessment of: The benefit of economic activity driven by the Ontario International Airport, though income levels remain below average; The broad customer base that is mostly residential with little concentration among its top 10 users; and Sufficient water supply to meet current and growing demands that is provided primarily through groundwater sources. Partially offsetting these strengths are the capital expenditures planned for the...
Companies mentioned in this report are: Ontario
Action: Outlook: Stable
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