Summary: Raleigh, North Carolina; Water/Sewer Oct 09

Standard & Poors, October 2009

Abstract
The 'AAA' long-term rating assigned to Raleigh, N.C.'s combined enterprise system series 2009A revenue refunding bonds and on the system's parity debt reflects: Strong historical and projected coverage of senior-lien debt, along with the maintenance of strong liquidity levels; Continued strong financial and debt management practices and policies; The strength and diversity of the service area economy, with sufficient capacity to serve an expanding customer base; and Competitive rates that provide additional revenue flexibility. A pledge of the net revenues of the system secure the series 2009 bonds. These bonds will be on parity with the city's outstanding revenue bonds. The system will use series 2009 bond proceeds to refund its series 2004 and 2006A bonds at an estimated net...

Companies mentioned in this report are:
- Raleigh

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.

Raleigh

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