Standard&Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) to 'AA' from 'AA-' on Martin County, Fla.'s 2009 utilities system refunding revenue bonds. The outlook is stable. The upgrade reflects the system's continued strong financial performance that we expect the county to sustain through the outlook horizon. The ratings reflect our opinion of the following strengths: Strong historical total debt service coverage (DSC) and strong liquidity, both of which we expect to continue; A stable and very diverse customer base that exhibits good income indicators; Sufficient water supply and wastewater treatment capacity to meet current and projected demand; and Manageable capital improvement plan (CIP). Partly offsetting these strengths is the potential for additional debt issuance for
