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Summary: Erie Sewer Authority, Pennsylvania; Water/Sewer Nov 09

  • ID: 2127550
  • November 2009
  • Region: Pennsylvania
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services has assigned its 'A-' rating to Erie Sewer Authority, Pa.'s 2009A revenue bonds, reflecting the system's, and consequently the authority's, historically stable financial operations. Standard & Poor's also affirmed its 'A-' rating on the authority's revenue bonds outstanding. The outlook on all ratings is stable. The rating further reflects, in our opinion, the authority's: Adequate debt service coverage and liquidity Declining sales, offset by a stabilizing residential base and bulk agreements with several municipalities and no regional competition; Dependence on the city to increase rates, which it has done sparingly in recent years and will need to raise if the system is to implement its proposed 10-year capital improvement plan (CIP); and Moderately high net...

Companies mentioned in this report are: Erie Swr Auth
Action: Affirmed
Action: New Rating

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Erie Swr Auth

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