Summary: Jeffersonville, Indiana; Water/Sewer

S&P Global Ratings assigned its 'A+' long-term rating to Jeffersonville, Ind.'s roughly $16.5 million series 2021 sewage works refunding revenue bonds. At the same time, S&P Global Ratings affirmed its 'A+' long-term rating and underlying rating (SPUR) on the city's existing sewage works revenue debt. A net system revenue pledge secures the series 2021 bonds, which are on parity with the city's existing debt. Officials intend to use series 2021 bond proceeds to refund the city's series 2010A and 2011A sewage works revenue bonds. After the proposed refunding, the city will have roughly $99 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

...S&P Global Ratings assigned its 'A+' long-term rating to Jeffersonville, Ind.'s roughly $16.5 million series 2021 sewage works refunding revenue bonds. At the same time, S&P Global Ratings affirmed its 'A+' long-term rating and underlying rating (SPUR) on the city's existing sewage works revenue debt. A net system revenue pledge secures the series 2021 bonds, which are on parity with the city's existing debt. Officials intend to use series 2021 bond proceeds to refund the city's series 2010A and 2011A sewage works revenue bonds. After the proposed refunding, the city will have roughly $99 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) by at least 1.25x for all debt outstanding and proposed; or If adjusted net revenue of...

Summary