...NEW YORK (Standard & Poor's) Sept. 1, 2015--Standard & Poor's Ratings Services raised its underlying rating (SPUR) on Atwater Public Financing Authority, Calif.'s wastewater revenue debt, issued for Atwater, one notch to '###-' from '##+'. The outlook is stable. The upgrade reflects Standard & Poor's opinion of the city's recent revenue-raising enhancements, including an additional electorate-approved half-cent sales tax and sizable multiyear water and sanitation rate increases that resulted in structurally balanced operations in the general, water, and sanitation funds in fiscal 2014; during the past, management has borrowed from the wastewater fund to support these funds. The rating service believes that these three funds will likely remain fully self-supporting, that they are not reliant on the wastewater system for working capital, and that they will likely continue to improve on currently negative unrestricted fund balances. "If the general, water, and sanitation funds were to remain...
