Summary: North Charleston Sewer District, South Carolina; Water/Sewer Mar 12

Standard & Poors, March 2012

Abstract
Standard & Poor's Ratings Services has assigned its 'AA+' long-term rating to North Charleston Sewer District, S.C.'s series 2012 sewer revenue refunding bonds. At the same time, we affirmed our 'AA+' long-term rating and underlying rating (SPUR) on the district's sewer revenue bonds. The outlook is stable. The rating reflects our opinion of the following credit factors: Strong and diverse economic base, which participates in the Charleston metropolitan statistical area (MSA); Stable and diversifying customer base; Willingness to raise rates as needed to fund operations; Strong debt service coverage by sewer revenues coupled with strong liquidity; and Low debt burden coupled with a manageable capital improvement plan (CIP) that it will fund primarily with cash on hand. Partially offsetting these...

Companies mentioned in this report are: North Charleston Swr Dist
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.

North Charleston Swr Dist

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