Summary: Knoxville, Tennessee Knoxville Utilities Board; Water/Sewer Nov 10

Standard & Poors, November 2010

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' long-term rating to Knoxville, Tenn.'s series 2010C wastewater system revenue bonds, issued for the Knoxville Utilities Board. In addition, Standard & Poor's affirmed its 'AA+' long-term rating and underlying rating (SPUR) on the system's existing utility revenue debt. The outlook on all ratings is stable. The rating reflects what we see as the system's: Stable economic base, which is anchored by the University of Tennessee; Sound financial position, which includes good annual debt service coverage (DSC) and very strong liquidity policies that mitigate the absence of a debt service reserve; and Willingness to adjust rates to maintain coverage of at least 1.5x maximum annual debt service and 60% or better debt-to-capitalization, even...

Companies mentioned in this report are:
- Knoxville Utils Brd
- Knoxville

Action: Affirmed

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

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.

- Knoxville Utils Brd
- Knoxville

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