Summary: Greater Johnstown Water Authority, Pennsylvania; Water/Sewer Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services has affirmed its 'A-' underlying rating (SPUR) on the Greater Johnstown Water Authority, Pa.'s water revenue bonds. The rating reflects our opinion of the authority's: Limited, primarily manufacturing-based area economy, which exhibits above-average unemployment and low income levels; Average rates, which are high given area income levels; Aging system with a high unaccounted water loss ratio of about 34%; Healthy financial position with good annual debt service coverage on average since 2008 and strong liquidity margins; Ample raw water supply and treatment; and Adequate legal provisions, including a rate covenant of 110% of annual debt service. The net revenues of the water system secure the bonds. The authority, created in 1964, serves an estimated population...

Companies mentioned in this report are: Greater Johnstown Wtr Auth
Action: Affirmed
Action: Outlook: Stable

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Greater Johnstown Wtr Auth

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