Standard&Poor's Ratings Services assigned its 'A' long-term rating to the Allegheny County Sanitary Authority (ALCOSAN), Pa.'s series 2015 sewer revenue bonds. At the same time, Standard&Poor's affirmed its 'A' rating on the authority's debt outstanding. The outlook is stable. We rate the subordinate-lien obligations at the same level as the authority's issuer credit rating (ICR). Multiple liens currently exist, and we consider all debt service secured by pledged revenue when evaluating the authority's financial profile, but we only rate the subordinate-lien pledge. In addition, the authority closed its senior-lien net revenue pledge and agreed not to issue additional debt on parity with its senior-lien debt. The rating reflects our assessment of the following credit strengths: The
