Standard&Poor's Ratings Services affirmed its 'A' underlying rating (SPUR), with a stable outlook, on Pittsburgh Water&Sewer Authority, Pa.'s revenue bonds. The 'A' long-term rating reflects our opinion of the general creditworthiness of the authority, including its: Stable service area economy, albeit with a significant commercial base; and Limited operating risk, given a virtually unlimited raw-water supply from the Allegheny River and treatment services provided by the Allegheny County Sanitary Authority (ALCOSAN; A/Stable). In our view, offsetting factors include: Weak legal provisions that include use of available cash to meet debt service requirements, and an equally permissive additional bonds test. Exacerbating this weakness is that the authority has had to recognize the availability of the cash balances
