Standard&Poor's Ratings Services assigned its 'A' rating to the village of Holly, Mich.'s series 2014 water supply system revenue refunding bonds and affirmed its 'A' rating on the village's outstanding water revenue bonds. The outlook is stable. The rating reflects our view of the water system's: Stable and primarily residential customers, with good incomes; At least good financial performance, when measured by debt service coverage (DSC) and unrestricted liquidity; and Lack of additional debt needs. We believe these credit strengths are somewhat offset by the water system's: Small, unrestricted cash balance in nominal terms; and Very high utility rates as compared to the median household effective buying income (EBI), both on a nominal basis ($168.76 per 8,000 gallons
