Standard&Poor's Ratings Services assigned its 'A-' long-term rating to El Centro Financing Authority, Calif.'s 2014 series A wastewater revenue refunding bonds, issued for the City of El Centro. At the same time, we affirmed our 'A-' underlying rating (SPUR) on the city's existing parity obligations. The outlook is stable. The ratings reflect our view of the wastewater system's: Stable, diverse, and primarily residential customer base; Good to strong debt service coverage (DSC) during the past two audited fiscal years; and Strong liquidity position, with unrestricted cash equivalent to 490 days of operating expenses at the end of fiscal year 2013. Partly offsetting these credit strengths, in our view, are the wastewater system's: Shallow service area economy based primarily
