The standard long-term rating and Standard&Poor's underlying rating (SPUR) upgrades on Hamilton County, Ohio's revenue-backed bonds, issued for Greater Cincinnati Metropolitan Sewer District, to 'AA' and 'AA' SPUR, respectively, reflect the consistent demonstration of management's ability to implement ongoing capital plans while maintaining a strong financial performance. Additional credit factors include: A diverse customer base in the deep Cincinnati MSA economy, and Competitive sewer rates. Substantial capital program needs, combined with only modest customer growth going forward, will challenge the system's ability to maintain reasonable rates while providing adequate debt service coverage. A pledge of net system revenues to pay debt service secures the bonds. The system is operated by the Greater Cincinnati Metropolitan Sewer District and encompasses
