Summary: Kentucky Rural Wtr Fin Corp; Utility, State Revolving Funds/Pools Sep 05

Standard & Poors, September 2005

Abstract
The 'AA-' rating on Kentucky Rural Water Finance Corp.'s public project revenue and revenue refunding bonds reflects the corporation's: Projected cash flows and reserve levels that meet Standard & Poor's Ratings Services' requirements for 'AA' category rated municipal pools; Sufficient credit quality and diversification of existing program participants, with further diversification expected as future identified loans are made; Established history of successfully managing multi-participant utility pools; and Assumption of ongoing diversification given the sizable capital needs associated with meeting regulatory measures in the state and the corporation's role in helping utilities to meet these needs. Loans are made to cities, counties, and water districts, and are secured by revenue pledges of water and sewer utilities. Participants must covenant to set...

Companies mentioned in this report are:
- Kentucky Rural Wtr Fin Corp

Action: Affirmed
Action: New Rating
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.

- Kentucky Rural Wtr Fin Corp

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