Standard&Poor's Ratings Services affirmed its 'BBB+' long-term rating on the village of Holly, Mich.'s series 2004 wastewater revenue bonds. The outlook is positive. The rating reflects our view of the wastewater system's: Access to jobs in the Oakland County, Detroit, and Ann Arbor metropolitan areas; Stable and primarily residential customer base, with good incomes; Improved debt service coverage (DSC) driven by substantial rate increases; and No additional debt needs. In our opinion, these credit strengths are somewhat offset by the wastewater system's: Adequate unrestricted cash balance, which is small in nominal terms; and High service rates as compared to the median household effective buying income (EBI). Net revenues of the wastewater system secure debt service. Other bond provisions
