...Standard & Poor's Ratings Services assigned its '##-' rating to Houston County, Ala.'s series 2015 general obligation (GO) warrants and Houston County Water Authority Inc.'s series 2014 water revenue refunding bonds. At the same time, Standard & Poor's affirmed its '##-' rating on the county's existing GO debt and the authority's existing parity bonds. The outlook on all issues is stable. The county's series 2015 GO warrants are secured by the county's full faith and credit and will be used to refund existing debt for savings purposes. The authority's series 2014 water revenue bonds are secured by revenues from water system operations and a funding agreement with Houston County. In accordance with the agreement, the county's full faith and credit is irrevocably pledged to make payments if pledged water revenues are insufficient. Therefore, we rate the bonds as the county's general obligation, which we view as the stronger of the two pledged revenue streams. Series 2014 bond proceeds will...
