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Various Fresno, CA, Sewer Revenue Bond Ratings Raised Dec 11
Standard & Poors, December 2011
SAN FRANCISCO (Standard & Poor's) Dec. 29, 2011--Standard & Poor's Ratings Services raised its long-term rating and senior-lien underlying rating (SPUR) to 'AA+' from 'AA' and raised its long-term rating and subordinate-lien SPUR to 'AA' from 'AA-' on Fresno, Calif.'s sewer revenue bonds. The outlook on all ratings is stable. "The rating action reflects our view of the city's improving and very strong debt service coverage and liquidity," said Standard & Poor's credit analyst Paul Dyson. The ratings further reflect our view of the city's: Solid financial performance, with net revenues providing adequate 3.5x coverage on a senior-lien basis and 2.2x DSC on a combined basis in 2010 and 2011; Extremely strong unrestricted cash position, estimated at $63 million, or...
Companies mentioned in this report are: Fresno
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.