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 'BBB-' from 'BB+'. The outlook is stable. The upgrade reflects our 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. We believe 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
