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Summary: Knoxville Util Brd, TN; Public Finance Structured, Insured Liquidity; Utility, Water/Sewer Mar 04
Standard & Poors, March 2004
Standard & Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Knoxville, Tenn.'s series 2004A wastewater system revenue refunding and improvement bonds, issued for Knoxville Utilities Board (KUB). The rating reflects the system's: Economically strong and growing service area, which serves as an employment anchor for an eight-county area in eastern Tennessee; Sound financial position, including good annual debt service coverage (DSC) and strong liquidity policies that mitigate the absence of a debt service reserve; and Demonstrated willingness to adjust rates, as necessary, to support revenue- and debt-funded capital improvements. Factors that moderate these strengths include the system's: Below-average wealth and income indicators, caused mostly by a large student populace; and Ongoing capital efforts to remediate a series...
Companies mentioned in this report are: Knoxville Utils Brd,Knoxville
Action: New Rating
Action: Outlook: Stable
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Knoxville Utils Brd,Knoxville