The rating upgrade on Charlotte, N.C.'s water and sewer revenue bonds reflects continued strong growth in the service area and the system's ability to keep pace with significant new development, as well as: Very strong financial performance and the expectation of continued coverage of revenue bonds in excess of 2.5 times (x); High liquidity; Affordable, competitive rates; and Strong system growth with comprehensive planning. Also reflected in the upgrade is a large capital improvement program (CIP) requiring about $100 million borrowing annually, which will increase revenue bond debt levels. Charlotte's water and sewer system, serving a large area of both the city and Mecklenburg County, has shown solid growth in customers reflecting the strong economic base and high levels of
