DeKalb-Jackson Water Supply District Inc., AL Revenue Debt Rating Raised To 'A' On Good Debt Coverage, Liquidity

NEW YORK (Standard&Poor's) Oct. 6, 2014--Standard&Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) on DeKalb-Jackson Water Supply District Inc., Ala.'s utility revenue debt one notch to 'A' from 'A-'. The outlook is stable. The upgrade reflects Standard&Poor's opinion of the recently consolidated system, which maintained good debt service coverage and liquidity in fiscal 2014, reflecting a more-stable financial profile. "Due to the system's below-average income, above-average rates, and moderately high debt, we do not expect to raise the rating over the outlook's two-year period," said Standard&Poor's credit analyst Scott Sagen. Pledged waterworks and distribution system net revenue secures the bonds. Officials used series 2013A bond proceeds to fund a

...NEW YORK (Standard & Poor's) Oct. 6, 2014--Standard & Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) on DeKalb-Jackson Water Supply District Inc., Ala.'s utility revenue debt one notch to 'A' from 'A-'. The outlook is stable. The upgrade reflects Standard & Poor's opinion of the recently consolidated system, which maintained good debt service coverage and liquidity in fiscal 2014, reflecting a more-stable financial profile. "Due to the system's below-average income, above-average rates, and moderately high debt, we do not expect to raise the rating over the outlook's two-year period," said Standard & Poor's credit analyst Scott Sagen. Pledged waterworks and distribution system net revenue secures the bonds. Officials used series 2013A bond proceeds to fund a $1.4 million payment to Bridgeport Utilities Board following the district's termination of its take-or-pay water supply contract with the board, as well as to finance $350,000 of certain system capital...

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