Summary: Victoria, Texas; Water/Sewer Mar 12

Standard & Poors, March 2012

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' rating, and stable outlook, to Victoria, Texas' series 2012 utility system revenue bonds. At the same time, Standard & Poor's affirmed its 'AA-' rating on the city's existing utility system revenue bonds. A first-lien net revenue pledge on the waterworks and sanitary sewer system secures the bonds. We understand that officials will use bond proceeds to fund a portion of the meter replacement program and for preliminary design work on the new wastewater treatment plant. The 'AA-' rating reflects what we view as the city's: Historically strong debt service coverage (DSC) and liquidity levels; Ample water supply and treatment capacity to support the stable customer base; and Demonstrated willingness and ability to...

Companies mentioned in this report are: Victoria,Victoria Cnty
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.

Victoria,Victoria Cnty

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