Fayetteville Public Works Commission, NC's 2016 Revenue Bonds Rated 'AA'; Other Ratings Affirmed

CENTENNIAL (S&P Global Ratings) May 27, 2016--S&P Global Ratings has assigned its 'AA' rating to the Fayetteville Public Works Commission (PWC), N.C.'s public works revenue bonds, series 2016, issued for Fayetteville. At the same time, S&P Global Ratings affirmed its 'AA' rating on parity debt. The outlook is stable. "The rating reflects what we consider solid financial metrics, a diverse customer base, modest leverage, and a good regional economy," said S&P Global Ratings credit analyst Doug Snider. About $55 million of the series 2016 bonds will fund improvements to the water and wastewater systems, including extension of the PWC's wastewater system to annexed properties of the city, as well as water and wastewater system rehabilitation, sewer outfalls, and advanced metering

...CENTENNIAL (S&P Global Ratings) May 27, 2016--S&P Global Ratings has assigned its '##' rating to the Fayetteville Public Works Commission (PWC), N.C.'s public works revenue bonds, series 2016, issued for Fayetteville. At the same time, S&P Global Ratings affirmed its '##' rating on parity debt. The outlook is stable. "The rating reflects what we consider solid financial metrics, a diverse customer base, modest leverage, and a good regional economy," said S&P Global Ratings credit analyst Doug Snider. About $55 million of the series 2016 bonds will fund improvements to the water and wastewater systems, including extension of the PWC's wastewater system to annexed properties of the city, as well as water and wastewater system rehabilitation, sewer outfalls, and advanced metering infrastructure (AMI). Another $18 million will fund electric system improvements, including AMI and LED street light conversion projects. A portion of the proceeds will refund two state revolving fund loans, as well...

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