Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Oceanside Public Financing Authority, Calif.'s series 2013A water revenue refunding bonds issued for the City of Oceanside. The outlook is stable. The rating reflects our opinion of the water system's: Almost built-out service area that has strong income levels, and a local economy that benefits from the city's close proximity to Camp Pendleton; Stable, primarily residential, and very diverse customer base; Recent track record of significant annual rate increases; Strong financial metrics including debt service coverage (DSC) of at least 2.0x during the past five fiscal years, and most recently of 5.7x for fiscal year 2012; and Unrestricted liquidity equivalent to nearly 400 days of operating expenses for fiscal
