Standard&Poor's Ratings Services assigned its 'A-' long-term rating and stable outlook to DeKalb-Jackson Water Supply District Inc., Ala.'s series 2012A utility revenue bonds and affirmed its 'A-' underlying rating (SPUR), with a stable outlook, on the district's existing revenue debt. Standard&Poor's applied its strong-link analysis approach to the rating based on the unlimited step-up provisions found in the district's funding agreements with North Jackson County Water Authority and Sand Mountain Water Authority. We believe North Jackson County Water Authority is the stronger of the two member participants and guarantors. Therefore, in our view, the rating reflects our assessment of North Jackson County Water Authority's creditworthiness, including its: Recent willingness to adjust rates to provide, what we
