Standard&Poor's Ratings Services has affirmed its 'AAA' rating on Charlotte, N.C.'s water and sewer system revenue bonds outstanding. The outlook is stable. The rating reflects our assessment of the city's water and sewer system's: Continued strong service area growth and ability to keep pace with significant new development; Very strong financial performance and the expectation of continued revenue bond coverage in excess of 1.84.x over the next five-year horizon; High liquidity totaling more than 580 days' unrestricted cash on hand as of fiscal 2008; Affordable, competitive rates despite a recent midyear adjustment to rates due to drought restrictions; and Strong system growth with comprehensive planning. The rating also reflects a large $1.7 billion capital improvement program (CIP) on
