Standard&Poor's Ratings Services has assigned its 'AA+' rating to Cedar Park, Texas' series 2015 utility system revenue refunding bonds. At the same time, Standard&Poor's affirmed its 'AA+' rating on the city's previously issued utility system bonds. A subordinate-lien pledge of net water and sewer system revenues secures the bonds. The city currently has one series of bonds outstanding secured by a first lien on net revenues. The ratings reflect our assessment of the utility system's: Stable customer base and system operations, with high wealth and income levels in the service area; Focus on regionalization in its capacity as a means to further enhance development at reasonable costs; Very favorable financial position that includes a trend of
