NEW YORK (Standard&Poor's CreditWire) Sept. 21, 1999--Standard&Poor's today assigned its triple-'B' rating to Durand, Mich.'s $1.3 million sewage disposal system revenue bonds series 1999 dated Sept. 1, 1999, due May 1, 2000-2018. The bonds are scheduled to sell Sept. 23, 1999. The rating on the system's bonds reflects: -- Pro forma debt service coverage (DSC) based on in-place and future rate increases, and -- An additional bonds test that allows for adjustment. Mitigating strengths include: -- Low debt levels with limited future capital needs due to good system maintenance and capacity, -- Satisfactory financial performance with very strong liquidity, and -- Rate flexibility afforded by competitive rates. The bonds are secured by the net revenues of
