SAN FRANCISCO (Standard&Poor's) June 8, 2007--Standard&Poor's Ratings Services raised its underlying rating (SPUR) to 'A' from 'A-' on Puyallup, Wash.'s outstanding water and sewer revenue bonds. The rating action reflects the city waterworks utility's track record of good financial performance and the city's adoption of a minimum operating reserves policy and enhanced rate management practices. The outlook is stable. "The waterworks system has demonstrated strong financial performance and liquidity levels since we first assigned an unenhanced rating to the utility's debt in 1998," said Standard&Poor's credit analyst Chris Morgan. "Since its last debt issue in 2004, the city has reinforced these favorable results by working to avoid sharp rate increases and adopting a formal
