The 'AAA' long-term rating assigned to Charlotte, N.C.'s series 2009 revenue refunding bonds and on the city's previously issued water and sewer system revenue bonds reflects Standard&Poor's Ratings Services assessment of 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 1.8x over the next five-year horizon; High liquidity levels, including unrestricted days' cash on hand consistently greater than a year's operations; Affordable, competitive rates despite a recent midyear adjustment to rates due to drought restrictions; and Strong system growth with comprehensive planning. The rating also reflects a large $2.2 billion capital improvement
