Standard&Poor's Ratings Services assigned its 'AAA' rating, and stable outlook, to Charlotte, N.C.'s series 2008 water and sewer system revenue bonds and affirmed its 'AAA' rating, with a stable outlook, on the city's existing water and sewer debt. The rating reflects the city's water and sewer system's: Continued strong service area growth and ability to keep pace with significant new development; Very strong financial performance and the expectation of continued revenue bond coverage in excess of 1.79x over the next five-year horizon; High liquidity totaling more than 600 days' unrestricted cash on hand as of fiscal 2007; Affordable, competitive rates despite a recent midyear adjustment to rates due to drought restrictions; and Strong system growth with comprehensive planning.
