The rating on Charlotte, N.C.'s bonds reflects the system's: Continued strong growth in the service area and the system's ability to keep pace with significant new development, 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. The rating also reflects a large capital improvement program (CIP) requiring about $100 million borrowing annually, which will increase revenue bond debt levels. The bonds are secured by the net revenues of the water and sewer system. The indenture creates a lien. By North Carolina statute the lien is perfected and there isn't any prior lien. Standard&Poor's is satisfied that
