The rating on Charlotte, N.C.'s bonds reflects: Very strong financial performance and an expectation of continued coverage of revenue bonds in excess of 2.5 times (x); High liquidity; Affordable, competitive rates; and Strong system growth with comprehensive planning. Also reflected in the rating is a large capital program requiring about $100 million borrowing annually, increasing revenue bond debt levels. Charlotte's water and sewer system, serving a large area of both the city of Charlotte and Mecklenburg County, has shown solid growth in customers, reflecting a strong economic base and high levels of growth and development occurring in the service area. The system was originally financed with GO bonds, but the city has determined to better manage the system through financing
