Standard&Poor's Ratings Services affirmed its 'AA-' underlying rating (SPUR) on Cedar Hill, Texas' outstanding waterworks and sewer revenue debt. The city's net system revenue pledge secures the bonds. The outlook is stable. The rating reflects our assessment of the city's: Location in the Dallas Fort Worth metropolitan statistical area (MSA) economy, supporting strong income levels; Proactive management, evident by recent rate adjustment and ongoing water-loss initiative; and Low debt burden, coupled with limited capital needs. We believe the system's adequate operating margins, when considering all of the system's fixed obligations, partially offset these strengths. Cedar Hill, with an estimate population of 50,000, is a suburb in the southern portion of the Dallas-Fort Worth MSA. The city is approximately
