Standard&Poor's Ratings Services has assigned its 'AA-' rating to Dayton, Ohio's series 2015 water system revenue bonds. The rating on the bonds is stable. Factors supporting the rating are the following characteristics: A stable customer base that extends into surrounding Montgomery County; Ample treatment capacity; Rates we consider low; Strong financial performance; and Limited additional capital needs with some additional debt plans. Offsetting these strengths are income levels for Dayton that we consider low. Median household effective buying income (MHHEBI) for Dayton was just 57% of the U.S. median in 2014. We consider low income levels generally as a factor that could limit rate flexibility and affordability. For Dayton specifically, our view of the low income levels is
