Summary: Clayton County Water Authority, Georgia; Water/Sewer Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services has assigned its 'AA+' long-term rating to Clayton County Water Authority, Ga.'s water and sewage revenue refunding bonds, series 2012, and affirmed its 'AA+' long-term rating on the authority's existing water and sewer revenue bonds. The outlook is stable. In our opinion, the rating incorporates the authority's: Local service area economy, which participates in the regional Atlanta metropolitan statistical area; High county unemployment and adequate income levels; Ample system capacity; Reasonable rates given area income levels; Healthy financial performance as demonstrated by consistently good coverage and liquidity levels during a period of economic slowdown; Low debt-to-plant ratio; and Manageable capital plan to be funded fully through operations and rates. A first lien on the utility...

Companies mentioned in this report are: Clayton Cnty Wtr Auth
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.

Clayton Cnty Wtr Auth

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