...September 24, 2024 DENVER (S&P Global Ratings) Sept. 24, 2024--S&P Global Ratings raised its long-term rating to '###' from '##+' on Oceanside, Calif.'s outstanding sewer system revenue bonds. The outlook is stable. "The upgrade reflects our view of the sewer fund's increasing coverage and days' cash on hand as well as the utility's strong and sustained financial metrics, most specifically its strong coverage and cash position," said S&P Global Ratings credit analyst Samantha Watkins. "The city has maintained robust all-in coverage of over 5.0x in the past three fiscal years and we expect coverage to remain stable given recent and planned annual rate increases. Furthermore, the city had approximately $138.8 million in unrestricted cash and investments at the end of fiscal 2023, equivalent to over 1,500 days of operating expenses," she added. We view the bond provisions as credit neutral. The bonds are payable from net revenues of the city's wastewater system. Per the rate covenant, amounts...
