Summary: Richland, Washington; Water/Sewer May 12

Standard & Poors, May 2012

Abstract
Standard & Poor's Ratings Services has assigned its 'AA' rating to Richland, Wash.'s pro-forma $7.5 million series 2012 water and sewer revenue refunding bonds. At the same time, Standard & Poor's affirmed its 'AA' rating on Richland's water and sewer revenue bonds outstanding. The outlook is stable. We believe specific credit strengths include: Strong debt service coverage (DSC) historically, which we expect will continue despite increasing debt service requirements in conjunction with the transaction; An economy that demonstrates good to strong income levels; and Modest capital needs with no additional parity debt plans, due in part to an ample water supply and adequate treatment capacity. While DSC has remained high, rate increases have been inconsistent across the three-part utility system,...

Companies mentioned in this report are: Richland
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.

Richland

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