South Blount County Utility District, TN Waterworks Bond Rating Raised To 'A' On Improved Financial Profile Dec 11
- Language: English
- Published: December 2011
Standard & Poor's Ratings Services raised by one notch, to 'A,' its rating on South Blount County Utility District, Tenn.'s waterworks revenue refunding and improvement bonds. The outlook is stable. The upgrade is based on a steadily rebounding financial profile due partly to management's willingness to implement sizable rate increases following a 2009 cost of service study. Additional rating factors include the system's: Stable local economy with access to the Knoxville metropolitan area employment base that helps boost income indicators that are otherwise slightly below average; and Adequate water supply and capacity. As recently as fiscal 2008, the district had insufficient debt service coverage (DSC) of 0.77x and cash had dipped to $433,000, or 34 days' cash on hand. Management...
Companies mentioned in this report are: South Blount Cnty Util Dist
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
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.
SHOW LESS READ MORE >
South Blount Cnty Util Dist