Summary: Knoxville, Tennessee Knoxville Utilities Board; Water/Sewer Oct 09

Standard & Poors, October 2009

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' rating, and stable outlook, to the city of Knoxville, Tenn.'s series U-2009 water system revenue bonds, issued for the Knoxville Utilities Board (KUB). Standard & Poor's also affirmed its 'AA+' long-term rating and underlying rating (SPUR) on the city's water system revenue debt outstanding, issued for the board. The 'AA+' rating reflects our opinion of the system's: Economically 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 Modest future capital requirements. We believe that the low wealth and income indicators combined with an extended...

Companies mentioned in this report are: Knoxville Utils Brd,Knoxville
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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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