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Summary: Salinas, California; Water/Sewer Feb 12
Standard & Poors, February 2012
Standard & Poor's Ratings Services raised its long-term rating to 'A+' from 'A' on the City of Salinas, Calif.'s series 1998 sanitary sewer system revenue bonds. At the same time, Standard & Poor's assigned its 'A+' long-term rating to the city's series 2012 sanitary sewer system revenue bonds. The outlook on all ratings is stable. The raised rating reflects our view of the sewer system's increase in debt service coverage levels in fiscals 2010 and 2011, strong cash position, and adopted multi-year rate increases. More specifically, the ratings are based on our view of the sewer system's: Good debt service coverage of 1.41x in fiscal 2010 and 1.50x in fiscal 2011; Strong liquidity position, with 479 days of operating expenses...
Companies mentioned in this report are: Salinas
Action: Outlook: Stable
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