Summary: Raleigh, North Carolina; Water/Sewer Jul 11

Standard & Poors, July 2011

Abstract
Standard & Poor's Ratings Services has assigned its 'AAA' rating to Raleigh, N.C.'s series 2011 combined enterprise system revenue refunding bonds. At the same time, Standard & Poor's affirmed its 'AAA' rating on the system's parity debt. The outlook is stable. The ratings reflect our view of the following factors: The service area economy's strength and diversity; Sufficient capacity to serve an expanding customer base; Strong historical and projected coverage of senior-lien debt coupled with maintained strong liquidity; and The system's competitive rates, which provide additional revenue flexibility. A pledge of the system's net revenues secures the bonds. The city will use the bond proceeds to refund all or a portion of its 2008A and B bonds, and to finance...

Companies mentioned in this report are:
- Raleigh

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.

Raleigh

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