Standard&Poor's Ratings Services has affirmed its 'AA+' long-term rating on Charleston, S.C.'s stormwater revenue bonds, series 2012. The outlook is stable. The rating reflects what we view as the following credit strengths: A steadily increasing customer base that we consider very diverse. It is in a strong service area economy, characterized by good population growth, good wealth levels, and relatively low unemployment; The system's limited nature and function, very strong liquidity position, and strong debt service coverage (DSC) that we expect to continue, especially given the recent city council approved mill increase to four mills from two on the tax bill for drainage and stormwater improvements; and Manageable capital needs through fiscal 2020 that we do not expect
