Summary: Jeffersonville, Indiana; Water/Sewer

S&P Global Ratings assigned its 'A+' long-term rating and stable outlook to Jeffersonville, Ind.'s roughly $3.985 million series 2020 sewage works refunding revenue bonds and affirmed its 'A+' long-term rating and underlying rating (SPUR), with a stable outlook, on the city's existing sewage works revenue debt. A net system revenue pledge secures the series 2020 bonds, which are on parity with bonds outstanding. Officials intend to use series 2020 bond proceeds to refund the city's series 2008 and 2009 sewage works revenue bonds. After the proposed refunding, the city will have roughly $80.3 million in sewage works system revenue debt outstanding. We view bond provisions as credit neutral. The rate covenant calls for a sufficiency covenant. The city can issue

...S&P Global Ratings assigned its 'A+' long-term rating and stable outlook to Jeffersonville, Ind.'s roughly $3.985 million series 2020 sewage works refunding revenue bonds and affirmed its 'A+' long-term rating and underlying rating (SPUR), with a stable outlook, on the city's existing sewage works revenue debt. A net system revenue pledge secures the series 2020 bonds, which are on parity with bonds outstanding. Officials intend to use series 2020 bond proceeds to refund the city's series 2008 and 2009 sewage works revenue bonds. After the proposed refunding, the city will have roughly $80.3 million in sewage works system revenue debt outstanding. We view bond provisions as credit neutral. The rate covenant calls for a sufficiency covenant. The city can issue additional parity debt two ways: + If net revenue of the most recently completed fiscal year before issuance covers maximum annual debt service (MADS) at least 1.25x for all debt outstanding and proposed; or + If adjusted net revenue...

Summary