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Summary: Harvest-Monrovia Water, Sewer, & Fire Protection Authority, Alabama; Water/Sewer Jan 12 Product Image

Summary: Harvest-Monrovia Water, Sewer, & Fire Protection Authority, Alabama; Water/Sewer Jan 12

  • Published: January 2012
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services lowered its rating on Harvest-Monrovia Water, Sewer, & Fire Protection Authority, Ala.'s revenue debt one notch to 'A' from 'A+'. The outlook is stable. The downgrade reflects our assessment of management's unwillingness to implement the necessary rate adjustments to abide by its 1.2x rate covenant bond provision since fiscal 2007. The rating also reflects our view of the authority's: Stable customer base with, what we consider, good income; Strong liquidity with more than 200 days' cash on hand; and Strong senior-lien debt service coverage (DSC). We believe what we consider the authority's inadequate DSC, including subordinate-lien DSC, since fiscal 2007 somewhat constrains the rating. Although officials have been increasing utility rates annually since 2008, the...

Companies mentioned in this report are: Harvest-Monrovia Wtr Swr & Fire Protection Auth
Action: Downgraded
Action: Outlook: Stable

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Harvest-Monrovia Wtr Swr & Fire Protection Auth

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