Standard&Poor's Ratings Services raised its rating on the village of Holly, Mich.'s 2004 wastewater revenue bonds to 'A-' from 'BBB+' based on an improved financial profile over the last two audited years. At the same time, we assigned our 'A-' long-term rating to the village's series 2014 wastewater system revenue refunding bonds. The outlook is stable. The rating reflects our view of the wastewater system's: Stable and primarily residential customer base, with good incomes; Debt service coverage (DSC) considered adequate; and Lack of additional debt needs. In our opinion, these credit strengths are somewhat offset by the wastewater system's: Low unrestricted cash balance, which is small in nominal terms and also represents no more than about one month
