Standard&Poor's Ratings Services has affirmed its 'AAA' long-term rating on Charlotte, N.C.'s water and sewer system revenue refunding bonds. The long-term component of the rating on the series 2002B, 2002C, and 2006B variable rate water and sewer revenue bonds is based on the city's water and sewer rating. The short-term component of the rating for such bonds is based on the credit quality of the respective liquidity facility providers. The 'AAA' long-term rating reflects our opinion of the water and sewer system's: Service area economy, which continues to exhibit growth, albeit at a slower pace, as well as fundamentally strong economic indicators; Very strong financial performance with the expectation of continued revenue bond coverage in excess of 1.9x
