The 'AAA' long-term rating assigned to Charlotte, N.C.'s series 2009B revenue 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 highlighted by fundamentally strong economic indicators; 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 that have been increased steadily over time; and Strong comprehensive planning to support the system's growth. The rating also takes into consideration the system's large $2.3 billion capital improvement program (CIP) on
