The 'A+' long-term rating assigned to Goshen, Ind.'s series 2010 sewage works refunding revenue bonds is based on the following credit factors: Approved rate increases through 2011; A diverse customer base, in Standard&Poor's Ratings Services' opinion; Maintenance of debt service coverage and liquidity ratios we consider at least good; Limited additional debt needs; and Bond covenants we consider adequate, as the city has covenanted to maintain rates at a level at least sufficient for debt service and operations, and the requirement that net revenues be at least 1.25x pro forma maximum annual debt service in order for additional debt to be issued. Offsetting these strengths are economic indicators that do not compare well with state or national averages,
