Standard&Poor's Ratings Services has affirmed its 'A' underlying rating (SPUR) on Jeffersonville, Ind.'s sewage works revenue bonds. The outlook is stable. The rating reflects our assessment of the system's: Adequate income and wealth indicators; Participation in the Louisville, Ky. economic base; Sufficient system capacity to meet customer needs; and Good to strong annual debt service coverage (DSC) after considering connection fees with strong liquidity levels. In our opinion, these strengths are somewhat lessened by the system's High leverage position; High rates in comparison to the underlying base income levels; and Adequate coverage when excluding connection fees. The bonds are secured by the city's net revenue pledge of its sewage works system. The city is located along the southern
